Sei Labs, the company behind the Sei layer 1 blockchain, announced that it has raised $30 million through 2 strategic funding rounds. This significant sum will allow the company to develop its blockchain currently in testnet. Sei, which aims to become the reference for decentralized trading thanks to its unique architecture, wishes to focus its development in the Asia-Pacific zone.
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Sei Labs raises $30 million to expand trading
Sei Labs, the company behind the Sei layer 1 blockchain, announced to have raised 30 million dollars following 2 rounds of strategic financing from investors such as Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere and Bixin Ventures.
A capital contribution that will allow Sei to develop its blockchain (currently in testnet) in the best conditions. As a reminder, Sei aims to become the reference blockchain for decentralized trading thanks to a one-of-a-kind architecture. If you want to know more, find our page dedicated to the layer 1 Sei blockchain.
According to the press release, Sei wants to strengthen its presence in the Asia-Pacific region while promoting the blockchain and cryptocurrency ecosystem more broadly.
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For Jayendra Jog, co-founder of Sei Labslayer 1 blockchains have become obsolete and are no longer suitable for new applications and market demands:
“Ethereum and the latest generation of public blockchains have led to a Cambrian explosion of new decentralized applications over the past two years. Of these applications, exchanges and trading have achieved the clearest product-market fit, but are held back by outdated layer 1 blockchains. Sei’s mission is to build the best infrastructure for trading. »
He points out, in this regard, that the arrival of Sei’s mainnet should open the door to a new ecosystem of more efficient applications:
“This funding will accelerate our efforts to unlock the next round of new apps in Web3, enabling developers to build apps that are orders of magnitude better than before. »
Investor interest in SEI is in any case present, the testnet set up on March 13 having amassed over 3.6 million unique users and processed over 35 million transactions. However, it should be noted that the testnets have the wind in their sails, the latter being often “farmed” in the hope for users of obtaining sometimes juicy airdrops.
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Source: Press release
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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