Matter Labs, the firm known for the zkSync Ethereum scaling solution, has just secured a fresh $200 million in a funding round. The Series C funding round was co-led by Blockchain Capital and Dragonfly, featuring Variant, a16z, and LightSpeed Venture Partners. In addition, the group said that it will be open-sourcing its code in accordance with the MIT Open Source Initiative.
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This funding round takes place as the crypto markets are still reeling from the fallout. With this Matter Labs has already raised a total of $458 million.
The “zk” implies that zero-knowledge proofs are being used to lessen Ethereum’s needless data storage while keeping the network’s security and decentralization intact. To further boost efficiency, roll-ups are used off the mainnet to batch and bundle transactions.
Critically, the roll-ups generated by zkSync are EMV-compatible, which means they can be used with any blockchain that employs the Ethereum Virtual Machine. Avalanche, Solana, Polygon, and Binance Smart Chain are just some of the EVM-compatible networks out there.
In addition to its flexibility to port to these numerous networks, developers who have previously built products on Ethereum can simply turn to zkSync for scaling requirements. Notably, Scaling the Ethereum mainnet may be accomplished in a number of ways, and zkSync is among them.
Matter Labs Focused On Expansion
Matter Labs said this fundraising round would give them more runway to focus on expanding its ecosystem and early-stage products. Steve Newcomb, the chief product officer at Matter Labs told The Block: “No matter how bad this bear market gets, we are well positioned to grow our team, ship our protocol, and ship our mission.”
Moreover, venture capital powerhouse a16z led the Series B fundraising round for Matter Labs back in November. Back in September, Messari, a renowned provider of crypto data and analytics, revealed a raise of $35 million from both the existing and new investors in its recently concluded series B investment round.
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