StarkWare, an Ethereum Layer 2 developer using ZK-rollups technology, has raised $50 million in a Series C funding round and is now valued at $2 billion.
Sharing the news exclusively with The Block on Tuesday, Israel-based StarkWare said the round was led by Sequoia Capital, with participation from existing investors, including Paradigm, Three Arrows Capital, Alameda Research, and Founders Fund.
This was an “opportunistic” fundraise, StarkWare co-founder and CEO Uri Kolodny told The Block in an interview, meaning that the company is already profitable but secured new funds to grow its team and ecosystem as fast as possible.
What is StarkWare?
StarkWare is one of a few blockchain startups that have built Ethereum scaling products using rollups technology.
There are mainly two types of rollups — ZK-rollups and Optimistic rollups — that allow executing Ethereum transactions off-chain and storing only transaction data on-chain, thereby reducing the network congestion, increasing i
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