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.
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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