Matter Labs, the firm behind Ethereum layer 2 scaling protocol zkSync, has raised $50 million in a Series B funding round led by Andreessen Horowitz (a16z), the company said Monday.
- The funding will be used to finance Matter Labs’ business growth, including expanding its scientific and engineering teams.
- Other investors in the round included Placeholder, Dragonfly and 1kx, who also participated in the $6 million Series A funding round that closed in February.
- Blockchain.com, Crypto.com, Consensys, Bybit, OKEx, Alchemy, Covalent, Aave, ParaSwap, Lido, Futureswap, Gnosis, Rarible and others also contributed to the round.
- Matter Labs builds zero-knowledge (ZK) proof technology on Ethereum and launched its first public ZK rollup prototype in 2019.
- ZkSync version one is a ZK rollup for payments that is designed to speed up transactions and has been live on the Ethereum mainnet since July 2020.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.