Blockchain Startup SKALE Labs Raises $9.65M USD To Accelerate DApp Performancebr>
Blockchain startup SKALE Labs has raised $9.65 million in funding led by Multicoin Capital.
The funding is comprised of a $8.86 million Simple Agreement For Future Tokens (SAFT) and a $785,000 seed SAFT. Other investors include Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Galaxy Digital, FLOODGATE Fund, Hack.VC, Neo Global Capital, Signia Venture Partners, among others.
SKALE’s platform aims to accelerate decentralized applications (dApps) built on smart contract platforms by enabling smart contracts to execute in a Layer 2 environment. It acts as a middle-ware layer which provides high speed consensus and empowers dApps to run smart contracts at the rate of millions per second on platforms such as Ethereum, EOS, and other smart contract blockchain platforms.
The company said the funds will be used to launch the SKALE Network, a fully permissionless, opensource, peer-2-peer (P2P) network, and the SKALE Foundation, a nonprofit organization dedicated to the SKALE Network. The company’s goal is to be the first implementation of the Ethereum Virtual Machine (EVM) on a Plasma chain. Following the launch, the SKALE Network will be releasing a fully-functional, ethereum-integrated TestNet in Q4 of this year, followed by a MainNet in subsequent months.
Jack O’Holleran, co-founder and CEO of SKALE Labs, said that helping ethereum dApp developers scale applications is the center of what they do, adding that they are focused on making Layer 2 easy, fast, secure and cost-effective for anyone who wants to run smart contracts on ethereum.
“It takes a deep understanding of math and cryptography to build a secure scaling platform. We are fortunate to have such a talented team of engineers with cryptography, physics, and informatics backgrounds,” O’Holleran said. “We are looking forward to bringing this Network to market in a fully open-source, P2P manner.”
Kyle Samani, Managing Partner at Multicoin Capital, said that SKALE is ethereum’s best shot at fending off competition from other smart contract platforms.
“This is the first implementation of Ethereum Virtual Machine that will run on a Plasma chain,” Samani said. “SKALE is uniquely positioned to dominate Layer 2 on ethereum on other smart contract platforms facing similar scaling issues. We fully expect it to be a vital component of the Web3 stack.”