Offchain Labs Rolls Out Arbitrum One After Raising $120 Million in Funding
- The scaling solution has seen more than 350 projects sign up since its beta release in May this year.
- Arbitrum One’s release comes on the heels of a $120 million Series B funding round the company closed this week.
Shutterstock
Offchain Labs announced it has opened its Arbitrum One mainnet to the public on 31 August, enabling it to access the Layer-2 Ethereum scaling solution. According to the company’s press release, Arbitrum One has had over 350 projects sign up for access since its beta was launched for developers back in May.
The Layer-2 solution was launched to satisfy the growing need for scaling platforms, enabling Ethereum users to transact with very low fees.
The launch of Arbitrum One comes on the heels of a hugely successful Series B funding round the company recently closed. Offchain Labs raised $120 million in the round led by Lightspeed Venture Partners, which also saw participation from Polychain Capital, Pantera Capital, Alameda Research, Mark Cuban, Ribbit Capital, Redpoint Ventures, and others. Ravi Mhatre, the founder of Lightspeed Venture Partners, has joined Offchain Labs’ board with the round.
Amy Wu, the Partner at Lightspeed, said that Offchain Labs’ dedication to the Ethereum developer community was second to none and that the company’s offered the best, easiest-to-use scalability product on the market.
This is what led over 400 projects to choose Arbitrum as their launch partner, she explained in the company’s press release. While almost all of Arbitrum’s launch partners will be deploying on Arbitrum One, Reddit recently announced that it will launch its own Layer-2 rollup using Arbitrum technology.
- The bankrupt crypto lender has agreed on a settlement with its Series B holders on how to distribute the $25 million from the sale of self-custody platform GK8.
- The majority of funds, $24 million, will be allocated for legal expenses, while the remaining $1 million will be distributed between the Series B holders.
Shutterstock
- KuCoin’s $150 million pre-Series B funding round was led by Jump Crypto, and increased the valuation of the company to $10 billion.
- KuCoin will use the funds to expand its product offerings, as well as build and invest into DeFi, GameFi, NFT, and crypto wallet platforms.
- VALR has claimed that its $50 million Series B is the largest equity funding round for an African crypto-related company.
- Founded in 2019, the exchange has more than 250,000 retail customers and around 500 institutional investors, and has processed around $7.5 billion in trading volume since its launch.