CDS Startups Trading-Focused Blockchain Sei Raises $30M
Startups

Trading-Focused Blockchain Sei Raises $30M

404
Trading-Focused Blockchain Sei Raises $30M

Sei, a commerce-focused layer-1 blockchain, has raised $30 million, Sei Labs co-founder Jayendra Jog revealed. He told TechCrunch that the round is worth $800 million.

Trading-Focused Blockchain Sei Raises $30M
Trading-Focused Blockchain Sei Raises $30M 1

Trading-Focused Blockchain Sei Raises $30M

While many layer 1 blockchains offer general-purpose networks for developers to build, Sei focuses on crypto trading networks through its chain. The team is made up of former Goldman Sachs, Databricks, Robinhood, Google, and Nvidia employees.

“Our mission is to build the best infrastructure for exchanges. It’s not just DeFi, but other [applications] that derive demand from trading.” – Jog said, adding that the blockchain also has projects building games, NFT marketplaces and rollups.

The capital will be used to gain the right strategic partners and to expand the firm’s presence in the Asia-Pacific region. Jog also added that the blockchain is still in the public testnet stage and plans to launch the mainnet later this year, preferably in the second quarter. Blockchain uses a testnet period to run and test a project on the network before fully launching.

“From our side, we had ample runway,” Jog said. Sei raised a $5 million seed round in August 2022, but said the primary goal for this round wasn’t “just focused on capital, but to get the right set of partners.”

Trading-Focused Blockchain Sei Raises $30M
Trading-Focused Blockchain Sei Raises $30M 2

Among other investors in the new round are Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures and Bixin Ventures. In September, Sei launched a $50 million liquidity and ecosystem fund to support new DeFi applications on its platform.

“The blockchain has over 120 projects building on its blockchain. Its latest public testnet attracted about 3.6 million unique users and processed over 35 million transactions in less than a month in mid-March,” the company said.

“There will be a lot of crypto-native adoption, but there need to be applications that are more general and super inclusive for there to be greater adoption,” Jog explained.

Source

www.techcrunch.com

Check out more of our latest news here

Crypto Data Space
Trading-Focused Blockchain Sei Raises $30M 3
Written by
ali009

The author is 28 year old student recently graduated from Celal Bayar University, Faculty of Medicine. Currently he works as a writer and translator for different platforms.

Leave a comment

Leave a Reply

Related Articles

Crypto News Today- El Salvador Launches Bitcoin Treasury Oversight Site Worth $360 Million

El Salvador made history by becoming the first country to adopt Bitcoin...

SHIB Team Raises $12 Million in Funds to Become a Global Meme Hub

The SHIB team is moving the project forward every day.

MicroStrategy Bitcoin Investment Triumphs, Shorts Stung with 2B Dollars Loss

MicroStrategy's stock, MSTR, has outperformed even the price of BTC itself, skyrocketing...