Ethereum SKALE Network’s Funding Round Raises $17.1 Million
Ethereum’s scaling platform, SKALE Network, has reportedly raised $17.1 million in a recent funding round for the launch of its mainnet. The company has indicated that this is Ethereum’s best chance of beating other smart contract platforms.
Backed by US-based SKALE Labs and NODE Foundation of Licheinstein, the platform now has around 40 investors. The investors are from different parts of the globe, which include the US, EU, Korea, Hong Kong, Singapore, and Japan. The financing round consists of $10 million from SKALE Labs as well as its recent financing of $7 million. Other investment firms involved in the funding round include Arrington XRP Capital, Winklevoss Capital, ConsenSys Labs, Blockchange, Multicoin Capital, Hashkey, Hashed, and Recruit Holdings.
SKALE Labs’ contribution is mainly from its recent financing through a Simple Agreement for Future Tokens sale worth around $10 million. In these kinds of sales, investors do not receive tokens but instead, get access to projects during launch by signing an investment contract. The round also included a financing round of $8.68 million led by Multicoin Capital, as well as another $785,000 funding from investors in 2018.
This capital will speed up the building of the mainnet expected to launch in Q4 or early Q1. SKALE CEO Jack O’Holleran stated that more details of the launch will be available at the end of this month or early next month. The CEO added that they will use the capital to stabilize the platform’s proof-of-stake network and also enhance security.
Multicoin Capital managing partner, Kyle Samani, indicated that the platform has tremendously grown in the last one year in virtually all aspects. He added that there is a lot to like about SKALE and that they are pleased with the capability of setting strategy, designing specifications, and executing.
The SKALE Network is an effort to enhance the scalability of Ethereum. It will allow dApps to perform several transactions per second at half the cost of what is possible currently.
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