Developer of zkSync Scaling Protocol Raises $50M in Round Led by a16z
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Matter Labs, a developer of an Ethereum Layer 2 scaling protocol called zkSync, has closed a $50 million Series B financing round led by Andreessen Horowitz (a16z). According to an announcement, the funding also included other investors such as Placeholder, Dragonfly, Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, and Covalent.

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Matter Labs Chief Executive Officer, Alex Gluchowski, says the company wants to make self-sovereign participation in the digital economy "affordable for anyone in the world." The company will use the proceeds to developer the second version of the protocol with support for EVM-compatible, composable smart contracts.

"zkSync will enable Ethereum transactions at a much higher rate and lower gas fees than mainnet," said Dan Boneh, Professor of Computer Science at Stanford.

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The funding will also be used to expand Matter Labs' "scientific and engineering teams." This is the second funding round led by the Menlo Park-based venture capital giant.

Earlier in November, a developer of NFT (non-fungible token) games Mythical Games raised $150 million in a Series C funding also led by Andreessen Horowitz. The latest funding round brought the company's valuation to $1.25 billion. Other investors, including Binance, FTX, D1 Capital, RedBird Capital, and The Raine Group also participated.

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