Australia’s zkTube Labs Raises $15M for Its Ethereum Layer 2 Protocol

Funding will be used for the operation of zkTube’s mainnet, which launched on Sept. 10.

Sep 16, 2021 at 1:24 p.m. UTC
Updated Sep 16, 2021 at 2:19 p.m. UTC

Australian layer 2 crypto mining network zkTube Labs has completed a $15 million round of funding led by Singapore’s Dash Foundation.

  • Other participating investors included Canada OneUni Capital, Amplio Capital (Bitmart), Chainfir Capital, YFund and July Capital.
  • zkTube is a network protocol based on Ethereum layer 2 technology ZK-Rollup that seeks to improve congestion, processing delays and high gas fees on Ethereum.
  • The company said the funding will be used for the operation of zkTube’s mainnet, which launched on Sept. 10, including mainnet mining, its PayTube wallet and the construction of the layer 2 ecosystem.
  • The funds will also help promote its brand globally and expand the team in several geographies. zkTube Labs said it is expanding its presence by growing its team in Canada and Dubai.
  • Layer 2 projects developed around Ethereum have been generating significant interest lately. zkTube Labs said it plans to list its native token of the zkTube protocol “ZKT” on different exchanges.

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Tanzeel Akhtar is a CoinDesk news reporter based in Europe.