Karak Secures $48M in Series A Funding, Valued at $1B

Karak, the risk management Layer 2 blockchain platform, has successfully raised $48 million in a Series A funding round, catapulting its valuation to an impressive $1 billion. The funding round saw participation from prominent investors, including Lightspeed, Mubadala Capital, Bain Capital, Pantera Capital, Framework, and DCG.

Karak has quickly gained attention in the blockchain space for its innovative approach, incorporating restaking, artificial intelligence, and a new generation of secure applications. The announcement of the Series A funding was made through Karak’s official Twitter account, expressing enthusiasm about the significant milestone.

“We’re thrilled to welcome Lightspeed and Mubadala Capital, the asset management subsidiary of Mubadala, a $280 billion sovereign wealth fund in Abu Dhabi,” the company shared in a tweet. Notable figures like Joey Krug, Santiago Roel, and others were acknowledged for their unwavering support in the journey.

Moreover, Coinbase, Pantera Capital, Bain Capital, DCG, and other key players in the cryptocurrency and blockchain industry were also revealed as contributors to the Series A funding. This collaboration showcases a strong vote of confidence in Karak’s vision and potential within the blockchain ecosystem.

In addition to the funding news, Karak unveiled its Early Access program, allowing users to bridge assets and earn XP. The program is designed to accelerate Ethereum with modular security, positioning Karak as a key player in enhancing the security and functionality of Layer 2 blockchain.

Karak emphasizes its commitment to security, embedding modular security at the network layer. This approach allows developers to innovate without compromising security, enabling the launch of hyper-secure applications and rollapps that prioritize user safety from day one.

For users participating in the Early Access program, the ability to bridge assets like ETH and USDC to earn XP is a unique incentive. Additionally, users can refer others to boost their XP ahead of the Mainnet Open Access, scheduled in the coming weeks. The Early Access program offers users increased XP based on the quantity of assets bridged and the number of referrals.

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