Starkware Raises $75 Million for Scaling Products

Starkware has raised $75 million in its series B funding round, according to an announcement from the firm on Twitter.
Top VC Funds Lead Series B
Paradigm led this round of funding, just as it did during Starkware’s Series A round in 2018. Other returning investors include Pantera Capital, Sequoia Capital, Founders Fund, DCVC, and Wing Capital.
Starkware also attracted Three Arrows Capital and Alameda Research as investors for the first time.
Previous seed rounds and funding rounds have raised approximately $36 million for Starkware. The new batch of $75 million brings the company’s total raised capital up to $111 million.
Starkware has also partnered with notable Ethereum firms and projects such as ConsenSys, Infura, and Metamask.
Scaling Ethereum
Starkware has numerous projects underway, largely focused around ZK-starks, which are used to scale up blockchain like Ethereum.
Ethereum has suffered from numerous congestion issues, largely brought on by the rising popularity of DeFi apps in the summer of 2020. The Ethereum network is now saturated by thousands of retail investors who are using DeFi exchanges and dApps in search of lucrative financial opportunities.
Ethereum also has native scaling improvements underway, such as proof-of-stake and sharding. However, Starkware is one of the most notable second-layer efforts working on this issue.
Disclaimer: The author held ETH at the time of writing.
Story continues on Crypto Briefing

Related posts

Slim Jim Celebrates “Doge Day” With Shiba Inu NFT

Story continues on Crypto Briefing
AprilBusinessCointelegraph.comCryptocurrenciesdogecoinfoodSocial MediaTwitter

Snack companies are openly celebrating 4/20 thanks to DOGE

Since Slim Jim began furiously promoting Dogecoin on Twitter in February, the number of followers on its account has quintupled. United States-based meat snack Slim Jim is the latest food brand to jump into the crypto space by promoting the…
Bitcoin miningBusinessChinaCointelegraph.comGovernmentMiningUnited States

Governments can stop Bitcoin by shutting down mining, says Electric Capital exec

“If the U.S. stopped all the U.S. miners, Kazakstan stopped all the miners there — that kind of shuts down 80-90% of the hashrate pretty quickly,” said Curtis Spencer. Electric Capital co-founder and partner Curtis Spencer implied that the Bitcoin…