FinTechFunding

Offchain Labs: Raises $120M in Funding

Offchain Labs Raises $120M in Funding

  • Offchain Labs, a NYC-based provider of scaling solutions for Ethereum, raised $120M in Series B funding
  • The round was led by Lightspeed Venture Partners with participation from Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban and others
  • Ravi Mhatre from Lightspeed has joined OffchainLabs board with this round
  • The company will use the new funding to scale the team, further develop the Arbitrum One ecosystem, build out new scaling solutions in its pipeline and invest in R&D
  • OffchainLabs also announced that its Arbitrum One mainnet has opened to the public
  • Arbitrum is a Layer 2 solution for the Ethereum network that is developer-friendly and has a broad ecosystem of support
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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