Ethereum Layer-2 Network Scroll Raises $50 mn
Scroll, a Layer 2 Ethereum network that utilises zk-rollups technology, has announced a $50 million funding round.
Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners were among those who took part. This brings Scroll’s total valuation to an estimated $1.8 billion, according to a source with direct knowledge of the matter.
The company has raised $83 million in funding, following two previous rounds with unspecified valuations.
Scroll, which was founded in 2021, aims to bring Ethereum to a billion users. As a Layer 2 network, it works by processing transactions off-chain and then porting them back to Ethereum, thus increasing transaction speed and reducing costs. Scroll looks to revolutionize how people interact with blockchain technology through this innovative approach.
Scroll’s zk-rollup technology enables scalability on its network.
(With inputs from Shikha Singh)
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