Matter Labs, a German developer of a solution that reduces the cost of Ethereum transactions, has bagged $200m in a Series C round.
The round was headed by Blockchain Capital and Dragonfly Capital and saw participation from Variant, a16z and Lightspeed.
Matter Labs has developed zkSync, a solution that cuts the cost for users of Ethereum transactions.
The company said that it is scaling Ethereum with zero-knowledge proofs. According to the firm, this is the most viable technology to enable the mainstream adoption of public blockchains.
Matter Labs said that its mission is to accelerate the ongoing financial revolution surrounding blockchains.
The firm intends to use the new funding to launch first-party Matter Labs-built projects on zkSync, fund third-party ecosystem projects built by other teams, develop Matter University – which is its core education and tutorial center – and continue to grow its team.
ZkSync offers low gas and fast transactions, with no compromise on security. It enables users to withdraw assets to Layer 1 at any time. zkSync 2.0 supports Account Abstraction, Solidity and Vyper, and is built with an LLVM compiler that in future will give people the ability to tap into the power of other programing libraries written in Rust, C++, and Swift.
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