“Scroll” Ethereum L2 Project Raises $50 Million, Valued at $1.8 Billion in Funding
Scroll has revealed that it has successfully raised new funding from multiple global companies, including Polychain Capital and Sequoia China. The amount of money raised has not been disclosed, but according to an insider source at The Block, the company’s valuation has increased to around USD 1.8 billion, with approximately USD 50 million raised in this funding round.
Scroll is known for developing zkEVM, a solution that leverages ZK-rollups to achieve Ethereum Virtual Machine (EVM) equivalence. This solution is aimed at improving Ethereum’s network with greater transparency and decentralization while maintaining its security. Scroll’s co-founder, Sandy Peng, revealed that the zkEVM mainnet is set to launch in three to four months.
An update: To accelerate plans for developing our zkEVM, pursue cutting-edge research, and continue building with a broader community, we’ve raised capital from a global set of participants.
— Scroll 📜 (@Scroll_ZKP) March 6, 2023
The newly raised funds will be used to support Scroll’s goal of developing a secure, fully functional mainnet, supporting its applications, and researching network development. The company’s website also states that the funds will help construct scaling solutions and ecosystem development for the global Ethereum community.
Last April, Scroll raised USD 30 million in a Series A round led by Polychain Capital, with support from Bain Capital Crypto, Robot Ventures, Geometry DAO, and members of the Ethereum Foundation.
Scroll’s progress so far has been according to the company’s roadmap, with the recent zkEVM launch on the Goerli testnet as the final alpha test before the mainnet launch. According to the announcement, the zkEVM Goerli testnet has already created 180,000 addresses and processed 665,000 transactions.
This latest funding round is a significant development for Ethereum’s ecosystem, and the interest surrounding Scroll’s progress has been growing, especially with the upcoming zkEVM mainnet launch. As the world’s second-largest cryptocurrency, Ethereum’s continued development is crucial to the growth of the blockchain and cryptocurrency industry as a whole.
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