BY CNA Team - October 5, 2018
Skale Labs gets US$9.65mil funding
Skale Labs, a startup building infrastructure that enables ethereum-based decentralised applications (dApps) to scale up, has raised US$9.65mil in funding with the biggest investor being Multicoin Capital.
The San Francisco-based firm says in press release that the funding comprises of US$8.86mil in simple agreement for future tokens (SAFT) and US$785,000 in seed funding raised in SAFT earlier in the year.
Others who participated in the recent round of funding include Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Galaxy Digital, Floodgate Fund, Hack.VC, Neo Global Capital and Signia Venture Partners.
The startup says the funds will be ised to launch the Skale Network, a fully permissionless, opensource, peer-2-peer (P2P) network, and the SKALE Foundation, a non-profit organization dedicated to the network.
The foundation will support the network in a similar way to how the Ethereum Foundation supports the Ethereum Network.
Skale will be the first implementation of the Ethereum Virtual Machine (EVM) on a Plasma chain.
Following launch, the Skale Network plans to release a fully-functional, ethereum-integrated testnet in the current quarter, followed by mainnet in subsequent months.
“Helping Ethereum dApp developers scale applications is the centre of what we do. We are sharply focused on making Layer 2 easy, fast, secure and cost-effective for anyone who wants to run smart contracts on Ethereum,” the startup’s CEO and cofounder Jack O’Holleran says in the release.
The startup is releasing its white paper and product roadmap next year.
Image courtesy of Skale Labs website.