StarkWare Valued at $2B after $50M Series C Funding Round Led by Sequoia Capital
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StarkWare Valued at $2B after $50M Series C Funding Round Led by Sequoia Capital
The blockchain firm StarkWare has just completed an opportunistic funding Series C round amassing $50M in funds to reach a $2B valuation. In the exclusive news shared with The Block, the company’s co-founder and CEO Uri confirmed that StarkWare will release its permissionless decentralized ZK-rollup StarkNet later this month.
StarkWare: Latest Funding and the Newest Ethereum Scaling Engine
With this, StarkWare will take its dream of making blockchain technology available for all one step ahead. Some other investors who participated in the Series C funding round include Alameda Research, Founders Fund, Paradigm and Three Arrows Capital. The funding money will allow StarkWare to invest more in consolidating its team and the blockchain ecosystem it is striving to create.
CEO Kolodny announced the launch of StarkNet to The Block confirming the Israeli firm’s support to independent deployment smart contracts. StarkNet will enable developers anywhere and anytime to write and deploy smart contracts on Ethereum without permission. This Zero-Knowledge rollup will start a new chapter in blockchain history by targeting the principal issues of crypto transactions which is the blockchain’s computational scalability.
StarkWare is helping to accelerate the success and reach of the Ethereum network while also bringing down the dollars spent on gas fees and increasing the number of transactions that can happen per second. Several crypto-based firms like Argent, MakerDAO and Aave have given their word to build their network using StarkNet.
StarkEx: the Existing Solution to Scale the Ethereum Network
Right now, the company is serving its customers through the StarkEx technology that helps individual apps scale through Stark-based proofs. A number of firms like Sorare, dYdX, and Immutable X use the StarkEx scaling engine with the engine enabling transactions worth $200 billion as well as minting NFTs worth 21 million. The blockchain-based fantasy game Sorare also witnessed over 200 times cost-savings with respect to gas expenditure. These facts point towards the magnitude of success StarkWare is experiencing and the opportunities it will create for the others in the ecosystem with its latest offering.
About StarkWare
StarkWare is a blockchain-based startup that aims to scale the Ethereum network and thus creates and deploys products for the same using rollups technology. While rollups can be of two types namely Optimistic and ZK i.e. Zero-Knowledge, StarkWare concerns itself with developing ZK-rollups for scaling. In the ZK-rollup, every Ethereum node executes a smart contract and at the same time generates a proof which is then verified by the other nodes for quick validation. This technology not only improves the speed, lowers gas fees and network bottlenecks but also works through zero-knowledge proofs to validate the crypto transactions taking place on the network. StarkWare boasts of a highly sophisticated team of cryptographers like Alessandro Chiesa and Eli Ben Sasson and some other world-class researchers in the related technology.
StarkWare Valued at $2B after $50M Series C Funding Round Led by Sequoia Capital