Linera Achieves $12M in Seed Funding with Latest Round

Linera Achieves $12M in Seed Funding with Latest Round

Time Stamp: August 16, 2023 9:38 AM
Source Node: 2825942

Key Takeaways

  • Linera’s Scalable Microchains: Linera has attracted $6 million in latest funding, led by Borderless Capital, to develop its pioneering blockchain network featuring scalable microchains. This innovative technology aims to address the scalability challenges of web3 applications by introducing numerous user chains on an elastically scalable network.
  • Total Seed Funding of $12 Million: With this latest funding round, Linera has secured a total of $12 million in seed funding. Notable investors include Laser Digital (Nomura), DFG, Cadenza, and more, with continued support from a16z crypto, Tribe Capital, and Cygni Capital.
  • Linear Scaling for Web3 Applications: Linera’s microchain architecture stands out for its ability to support millions, potentially billions, of simultaneous transactions. This capability is essential for powering web3 applications such as payments, messaging, trading, and AI on a global scale.
  • Expansion and Advancements: The fresh funding will enable Linera to expand its team, launch development and testing networks (devnet and testnet), establish a strategic presence in the APAC region, and further develop their developer academy. Linera’s innovation represents a significant leap forward in solving scalability and performance challenges in the world of decentralized applications and blockchain technology.

Linera, a blockchain network with scalable microchains, has raised an additional funding of $6 million, led by Borderless Capital. Mathieu Baudet, the founder, is a former Meta researcher in charge of the Novi digital payments wallet and a specialist in cryptographic protocols. Linera seeks to bring the scalability of traditional web applications (web2) to web3 applications by introducing a multitude of user chains supported by an elastically scalable network.

With this latest round, Linera has raised a total of $12 million in seed funding. Major investors include Laser Digital (Nomura), DFG, Cadenza, Block1, Eterna Capital, MH Ventures, Matrixport, and more, alongside continued backing from a16z crypto, Tribe Capital, and Cygni Capital from the initial seed round.

Linera’s microchain system aims to provide linear scaling to support millions, even billions, of simultaneous transactions. This capability is crucial for web3 applications like payments, messaging, trading, AI, and others to serve a global user base effectively.

Linera’s unique architecture involves a multi-chain approach where individual users have lightweight chains that integrate with browser extensions or mobile devices. This design allows streamlined interactions with web3 apps within users’ wallets. During periods of high demand, Linera’s validators dynamically expand to accommodate the increased load.

The funding will facilitate Linera’s expansion by growing the team, launching a development network (devnet) and a testing network (testnet) for the protocol, establishing a strategic presence in the Asia-Pacific (APAC) region, and further developing their developer academy.

Mathieu Baudet, founder and CEO of Linera, brings expertise gained at Meta, where he contributed to the Libra (now Diem) blockchain and co-authored the academic paper “FastPay,” which laid the groundwork for the Linera protocol.

According to Mathieu Linera’s unique multi-chain architecture ensures predictable performance, responsiveness, and robust security at Internet scale.

This innovation represents a significant step towards addressing the challenges of scalability and performance in the realm of decentralized applications (dApps) and blockchain technology.

Read Also: ZetaChain Raises $27M Funding for Universal Crypto Interoperability

Time Stamp:

More from AlexaBlockchain