Israel-based startup StarkWare, which provides a way to scale the use of blockchain, has raised $50 million in a Series C funding round led by Sequoia Capital, and is now valued at $2 billion, the company announced Tuesday.
- The latest funding comes just seven months after StarkWare closed a $75 million Series B funding round led by Paradigm.
- The funding will be used to support the deployment of the StarkNet platform, which allows anyone to build blockchain apps. StarkWare’s technology has until now been available only to clients through its scaling engine StarkEx.
- StarkWare’s method for blockchain-based computation is used by leading platforms and applications, such as dYdX, Sorare and Immutable X, which in turn deliver its technology to firms including TikTok.
- “This valuation makes us more confident than ever in our vision,” said Eli Ben-Sasson, co-founder and president at StarkWare, in a statement. “By empowering blockchains to scale globally, people of any economic status will gradually be able to stop entrusting data into the hands of big companies, and control it themselves instead.”
- Sequoia partner Mike Vernal added that “StarkWare is attacking one of the most important problems in crypto – the computational scalability of the blockchain.”
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.