Versatus Labs raises an additional $2.3m in seed funding to support the launch of the world’s first stateless rollup, increasing its valuation to $50 million.
This recent funding round saw notable contributions from NGC Ventures and Republic Crypto, significant players in the blockchain technology sector.
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Versatus Labs raises an additional $2.3m in seed funding
Versatus Labs has now amassed a total funding of $3.7 million, with backing from diverse sources like Jump Crypto, BigBrain Holdings, Taureon Group, Hyperithm, NGC Ventures, and Republic Crypto.
The primary focus of this funding is the introduction of Versatus LASR, a novel product aimed at easing the transition for developers from web2 to web3.
Partnership with EigenLayer
The company has also formed strategic partnerships with EigenLayer, a data availability service, Stader Labs, a liquid staking platform, and Anagram, a web3 venture. At the heart of Versatus’s offerings lies its stateless roll-up technology, designed to offer a more efficient method for verifying smart contract ransactions regardless of the programming language used.
Versatus aims to address existing challenges in the Ethereum network, such as high costs and inefficiencies, providing an alternative to centralization issues associated with optimistic rollups.
Their stateless rollup stands out by operating off-chain, reducing the necessity for maintaining state and data storage, which is expected to benefit the development of complex and data-intensive smart contracts.
The technology facilitates asset transfers between blockchains and supports cross-chain contract integrations. According to Sreeram, the founder of EigenLayer, stateless verification is critical for the scalable expansion of optimistic rollups, enabling nodes to sample and verify portions of the state update.
To conclude, with this recent addition of $2.3m in seed funding, Versatus Labs is positioned to make meaningful contributions to the evolving blockchain market, with a specific focus on enhancing the developer experience within the web3 domain.
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