Skale Labs, a developer of decentralised applications, has scored $9.65m in a funding round led by Multicoin Capital.
The round encompassed an $8.86m simple agreement for future tokens, and a $765,000 seed investment.
Commitments to the round came from Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Galaxy Digital, FLOODGATE Fund, Hack.VC, Neo Global Capital, Signia Venture Partners, among others.
SKALE Labs develops decentralised applications built on smart contracts through Layer 2. The platform can complete millions of transactions each second, according to the company. SKALE is planning a test launch later in the year.
This capital injection will be used launch the SKALE Network, an opensource, P2P network, and the SKALE Foundation, a non-profit organisation aimed a supporting the network in a similar manner to the Ethereum Foundation.
Multicoin Capital managing partner Kyle Samani said, “SKALE is Ethereum’s best shot at fending off competition from other smart contract platforms. This is the first implementation of Ethereum Virtual Machine that will run on a Plasma chain.
“SKALE is uniquely positioned to dominate Layer 2 on Ethereum on other smart contract platforms facing similar scaling issues. We fully expect it to be a vital component of the Web3 stack.”
Earlier in the year, Multicoin launched a cryptocurrency fund with a capital pool of $250m. The vehicle is investing in blockchain-based tokens which are ‘reshaping’ the global economy.
Around the same time as this fund was launched, the firm participated into the $14.75m funding round of Spring Labs. The company hopes to ‘revolutionise’ the credit and identity sharing processes via a decentralised network, with the hope of making a more secure and transparent model.
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