Sei Labs Secures $30 Million in Strategic Funding Rounds to Cement Position as Fastest Layer 1 for Trading

By Tsunami On Apr 12, 2023

Sei Labs, a contributor to the open-source Sei blockchain, has announced that it raised $30 million in two strategic funding rounds from investors including Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures. This funding will help accelerate Sei Labs’ continued growth and deepen its presence in the Asia-Pacific region, promoting the development of the digital asset ecosystem globally.

Sei’s unique chain-level optimizations enable decentralized exchanges and trading apps to offer the best user experience with modern performance and scalability. The funds from this round will play an integral role in enabling Sei to further cement its presence as the fastest Layer 1 for trading.

ICYMI: Sei Labs Raises $30M to Build the Fastest Layer 1 🚢

Sei Labs has raised $30 million in two strategic funding rounds from top investors, including Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures. pic.twitter.com/SuHFEbGVOM

— Sei 🚢 (@SeiNetwork) April 12, 2023

Sei’s Co-Founder, Jayendra Jog, noted that “infrastructure and applications historically come in cycles,” and Sei’s mission is to build the best infrastructure for trading. The funding will accelerate Sei’s efforts to unlock the next cycle of new applications in Web3, enabling developers to build apps that are orders of magnitude more performant than before.

During its development phase, Sei has shown remarkable growth, with over 120 teams deploying on Sei ahead of mainnet, indicating strong developer excitement and support. Sei’s latest public testnet, which went live on March 13th, has attracted over 3.6 million unique users and processed over 35 million transactions in less than a month.

Sei Labs is composed of industry veterans from Goldman Sachs, Databricks, Robinhood, Google, and Nvidia. “We already had ample runway, so the primary goal of this capital raise was to get the right strategic partners around the table, and we’re elated with the crew that we were able to lock in,” said Jog. Sei Labs’ expansion into the Asia-Pacific region will help it further solidify its position as the fastest Layer 1 for trading, and the funding will support its continued growth and development of the digital asset ecosystem.

Last September, Sei deployed a $50 million fund to support the development of its DeFi ecosystem on the blockchain. The project also committed to allocating 1% of the total token supply in the future for an airdrop to users participating in the testnet and early network experience. However, the community criticized the 1% allocation as insufficient compared to the massive user base.

Sei’s latest funding round is a rare deal amid the current bearish trend in the cryptocurrency industry. LayerZero platform recently raised an additional $120 million, tripling its valuation from last year’s funding round.

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