Coindesk Logo

A16z Leads $6M Seed Funding Round in Blockchain Linera

A16z Leads $6M Seed Funding Round in Blockchain Linera

A16z Leads $6M Seed Funding Round in Blockchain Linera

The layer 1 chain aims to be low-latency with linear scalability to facilitate the transition from Web2 to Web3.

The layer 1 chain aims to be low-latency with linear scalability to facilitate the transition from Web2 to Web3.

The layer 1 chain aims to be low-latency with linear scalability to facilitate the transition from Web2 to Web3.

AccessTimeIconJun 28, 2022, 4:00 PM
Updated Apr 9, 2024, 11:33 PM
Andreessen Horowitz co-founder Marc Andreessen (Fortune Live Media via Flickr)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Linera, a layer 1 blockchain project intended to bring Web2 scalability to Web3 has completed a $6 million seed funding round led by Marc Andreessen's Andreessen Horowitz (a16z).

Cygni Capital, Kima Ventures and Tribe Capital also participated in the round, Linera said in a statement on Tuesday.

Linera founder and CEO Mathieu Baudet has a PhD in cryptographic protocols and is a former Meta (FB) employee who helped create Facebook’s Libra blockchain.

The Linera chain aims to be low latency.

“If you interact with traditional exchanges, or you’re used to insanely fast interactions, we’d love to get closer to those kind of numbers,” Baudet told CoinDesk. “The actions are rewarded like near-real time very quickly by the standard centralized system.”

Another feature of Linera is linear scalability, a system from Web2 where additional processing units are added as needed. In the case of Linera, this consists of shards, or individual threads, of the chain adding additional validators for network efficiency.

Sharding is a technique that aims to fulfill the three tenets of a blockchain network: scalability, security and decentralization. It has been a significant component of the Ethereum merge, with the goal of scaling the network by segmenting it into smaller chains.

Baudet said Linera plans to use the funding to hire engineers and team members to build out the protocol. He did not disclose when the network will launch its open-source protocol.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Cam Thompson was a news reporter at CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.