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HomeStartupBlock-chain firm AltLayer secures $7.2mn in seed money

Block-chain firm AltLayer secures $7.2mn in seed money

The block-chain firm plans to use the fresh funding to increase its headcount

AltLayer, a Singapore-based block-chain firm, in a seed funding round led by Polychain Capital, Breyer Capital, and Jump Crypto, has raised US$7.2 million. The round saw participation from Balaji Srinivasan, who previously worked as CTO of Coinbase and general partner of Andreessen Horowitz.

To withstand surges in traffic, such as during minting events, AltLayer, founded last year, helps block-chain app developers set up a disposable layer. Those developers can set up a rollup secured by a Layer 1 protocol (such as Ethereum) and dispose of it when the traffic goes back to normal.

The company’s solutions can be used by companies that are developing NFTs, block-chain-based games, and metaverse projects.

The block-chain firm AltLayer was established by Yaoqi Jia, co-founder of Zilliqa, which is also a block-chain firm, and former director of Parity Asia. The firm aims to launch a testnet in the third quarter of the year and raise Series-A funding in Q3 or Q4 2022.

The block-chain firm plans to use the fresh funding to increase its headcount.

Other investors in this funding round include:

  • Circle co-founder and USDC architect Sean Neville
  • Ethereum co-founder and Parity Technologies CEO Gavin Wood
  • Messari founder Ryan Selkis
  • Synthetix co-founders Kain Warwick and Jordan Momtazi
  • Former Polychain Capital general partner Tekin Salimi

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Khushbu Soni
Khushbu Soni
Chief Editor - CIO News | Founder & CEO - Mercadeo
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