The funds will be utilised to develop zkSync v2, which is currently available on the testnet. Matter Labs has revealed a new round of funding to continue developing zkSync, the second version of its Ethereum-based rollups.On November 9, Matter Labs stated that it has raised $50 million in a Series B round led by Andreessen Horowitz, with existing investors Placeholder and Dragonfly Capital participating. Several new investors, including Crypto.com, ConsenSys, and OKEx, participated in the new round, which followed Matter Labs’ $6 million Series A in February.The funds will be utilised to further develop zkSync v2, the firm’s Ethereum second-layer rollups solution, which is currently focused on supporting low-cost payments.Rollups are a second-layer scaling solution that “rolls up” transaction data in batches for faster layer-one processing. Matter’s zkSync solution makes use of zero-knowledge proofs to reduce the amount of data kept in these bundled transactions, reducing the computati
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