Skale Labs reportedly raised up to $9 million in funds to develop ways for scaling Ethereum blockchain infrastructure.
The company intends to develop open blockchain that may provide opportunities for the development of new decentralized Ethereum-based applications. Scale Labs representative noted plans for the launch of Ethereum virtual machine in Plasma network, with which developers are said to get a 2-nd level solution for smart contracts.
The funding came from the sales of SAFT, with total investments amounting to $8.86 million. Along with Multicoin Capital, Galaxy Digital, Aspect Ventures, Blockchange Ventures, Boost.VC, Canaan Venture Partners, Floodgate Fund, Hack.VC, Neo Global Capital и Signia Venture Partners also took part in this funding round.
“Helping Ethereum dApp developers scale applications is the centre of what we do. We are sharply focused on making layer 2 easy, fast, secure, and cost-effective for anyone who wants to run smart contracts on Ethereum,” said Skale Labs CEO Jack O’Holleran, in a statement.
As a result, Skale network will boost the performance of the decentralized applications to millions of transactions per second at a fraction of the cost of options available today, as the report reads.
The trials of the project are slated for end-2018, with the launch of the main network in 2019.