Fuel Labs Secures $80M For Modular Execution Layer

Fuel Labs, a leader in blockchain scaling innovation, successfully raised $80 million in a seed financing round led by Blockchain Capital and Stratos Technology as tweeted by the firm on Tuesday.

The financing round has representation from heavyweights in the crypto sphere. Some of these include cryptocurrency trading firm Alameda Research, CoinFund, Spartan, Blockwall, Bain Capital Crypto, Maven 11 Capital, and a host of others. Additionally, Ekram Ahmed, head of communications at blockchain developer, Celestia Labs, is a strategic investor.

The funding round is coming at a crunching time for the crypto industry following the prolonged crypto winter. 

Fuel Labs is a fast Modular Execution Layer. Its passionate developers are aimed at building the future of blockchain scalability technology. Also, It is known for delivering the highest flexible throughput with maximum security guarantee for the Ethereum Ecosystem.

Currently, blockchains are not globally accessible and available. With the new funds raised, Fuel Labs aims to use the power of modular design as well as develop new tools to empower developers. It hopes to offer the best developer experience in blockchain with its modular execution layer.

The valuation the firm placed on the raise has not been disclosed. An unknown spokesperson from the firm said it has no headquarters.

The Fuel Labs Technology

 The modular Execution Layer is a verifiable computation system designed solely for the modular blockchain stack. The Ethereum-based protocol previously raised $1.5 million last year which was led by the blockchain-focused investment firm, CoinFund.

In its announcement, it noted three key aspects of its technology; the ability to execute parallel transactions, flexible Fuel visual machine (FuelVM), and a powerful superior developer experience designed around “Sway”- a purpose-built coding language. 

Similarly, Fuel specializes in making execution as fast as possible via improved bandwidth without sacrificing the security benefits and decentralization of Ethereum. The firm hopes to set the pace for blockchain development.

Recently Geeq a multi-blockchain platform secured a $25 million capital commitment to chart an improvement on its platform, onboard enterprise, and individuals into the metaverse and Web3.0 world.