Skale Labs receives funding for boosting blockchain infrastructure performance

Posted 04 October, 2018

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.

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04 October, 2018 17:34

← Poloniex platform shuts down some services for US-based users

US-based Poloniex will shut down marginal trading and lending service for US-based traders till the end of the year. The platform is doing its best to comply with the regulation in every jurisdiction. It was stated that the exact dates when these measures may come into force for the USA will be announced in the near term.

Poloniex platform shuts down some services for US-based users

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04 October, 2018 14:52

Japanese banks start using Ripple MoneyTap service →

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Japanese banks start using Ripple MoneyTap service
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