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.
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.
Trade on the leading DEX
⛓️ A platform at the heart of DeFi
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 Of these applications, exchanges and trading have achieved the clearest product-market fit, but are held back by outdated layer 1 blockchains.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.
👉 Read also – Etherscan takes steps to prevent address poisoning
The leader in DEXs for trading perpetuals 📈
Enjoy 5% off your fees 💰
Source: Press release
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
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
664 items
