Offchain Labs Rolls Out Arbitrum One Ethereum Scaling Solution to the Public and Announces $120M in Funding
NEW YORK, Aug. 31, 2021 /PRNewswire/ -- Offchain Labs, the leading provider of scaling solutions for Ethereum, announced that its Arbitrum One mainnet will open to the public today. The company also announced it has raised $120M in funding, with its latest Series B funding round led by Lightspeed Venture Partners. Other newly announced investors in the round include Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban and others. Ravi Mhatre from Lightspeed has joined the company's board with this round.
Arbitrum is a Layer 2 solution for the Ethereum network that is developer-friendly and has a broad ecosystem of support. Since Arbitrum One's beta launch for developers in May, the platform, which allows Ethereum users to transact with very low fees, has had over 350 projects sign up for access. Offchain Labs built its platform in response to an increasing need for scaling Ethereum without compromising on the security of Ethereum as the base layer. Having EVM compatibility means that projects can deploy without changing the code in their contracts.
"We've had the pleasure of working closely with Steven, Ed and Harry," said Amy Wu, Partner at Lightspeed. "Their dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That's why over 400 projects have chosen to launch with Arbitrum, including Reddit."
Broad Ecosystem of Support
"We are excited to partner with our investors who understand the importance of scaling Ethereum and bringing the Ethereum ecosystem to the masses," said Steven Goldfeder, co-founder and CEO, Offchain Labs. "The tremendous support we've seen from developers across the globe validates our mission to be the first to marry the world of FinTech and Defi."
Offchain Labs will use the new funding to scale the team, further develop the Arbitrum One ecosystem, build out new scaling solutions in its pipeline and invest in R&D.
You can find more information on how to join the Offchain Labs team here.
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