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Blockchain startup LightLink raises $6.2m as cryptocurrency VC exercise shifts

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Ethereum layer-2 blockchain LightLink secured $6.2 million in funding throughout an prolonged seed spherical.

Institutional and particular person buyers participated within the effort.

“No additional rounds deliberate [at the moment],” the corporate said in a social media put up on Saturday, April 6.

On account of robust curiosity, we’re having this single VC spherical to profit our ecosystem by partnering with the proper long-term backers.

No additional rounds deliberate atm.

An LBP on @FjordFoundry is a greater means to make sure honest token distribution and construct a neighborhood across the undertaking. https://t.co/yiS0PwPPDT

— LightLink ⛓️ (@LightLinkChain) April 6, 2024

LightLink prolonged the seed spherical as a consequence of excessive demand from buyers. The startup ended up receiving an extra $1.7 million within the course of. ‘

LIGHTLINK L2 EXTENDS SEED ROUND – RAISES $6.2 MILLION

– @LightLinkChain has simply introduced the extension of its seed-stage funding spherical, bringing it to a full $6.2 million.

– Individuals embrace notable VC funds corresponding to @MH_Ventures, in addition to industry-leading KOLs like… https://t.co/hH6xytjiL5 pic.twitter.com/xdtTQkDKGY

— BSCN (@BSCNews) April 5, 2024

The corporate plans to make use of this inflow of capital to assist its imaginative and prescient of a web3 ecosystem accessible to tens of millions whereas advancing proprietary applied sciences for gasless transactions.

Roy Hui, LightLink’s co-founder and CEO, expressed enthusiasm concerning the funding, highlighting the corporate’s dedication to sensible blockchain options.

Our mission at LightLink is to make blockchain sensible and accessible. This funding will assist us proceed constructing a Web3 ecosystem for tens of millions of customers from our enterprise companions and improve our proprietary know-how for gasless transactions.

Roy Hui, LightLink CEO and co-founder

The prolonged seed spherical noticed participation from distinguished enterprise capital (VC) corporations corresponding to MH Ventures and NxGen, alongside contributions from particular person crypto buyers like Eric Cryptoman and Satoshi Stacker.

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You may also like: Dogecoin surges over 10% to cross $0.20 mark

LightLink reportedly information about 115,000 each day transactions and enjoys a strategic alliance with Animoca Manufacturers.

Moreover, one among its upcoming initiatives is the launch of its LL token, backed by a liquidity bootstrapping pool. The transfer is designed to make sure equitable distribution and environment friendly value discovery inside the LightLink ecosystem, which facilitates instantaneous, gasless transactions for dapps and enterprises.

The corporate’s profitable seed spherical comes in opposition to a backdrop of renewed VC curiosity within the crypto area.

In accordance with information gathered by Crypto Koryo, enterprise capital funding in crypto tasks has surged by 38% since This autumn 2023.

🔸 Lengthy-term Pattern 🔸

Each complete investments and variety of investments have elevated in comparison with final quarter.

In comparison with final quarter, there was a 38% enhance in quantity invested and 49% enhance within the variety of tasks invested. pic.twitter.com/QhIcsOB0qw

— Crypto Koryo (@CryptoKoryo) April 4, 2024

Crypto Koryo’s information indicated that the variety of crypto tasks receiving VC funding additionally elevated by 49%.

Enterprise corporations corresponding to Andreessen Horowitz, OKX Ventures, and Paradigm led main funding rounds within the first quarter of 2024.

In March alone, crypto VC funds invested over $1.1 billion throughout 180 crypto startups, with a deal with infrastructure and decentralized finance tasks.

This upward momentum in VC funding mirrors the development seen within the fourth quarter of 2023, which observers say signifies a constructive outlook for continued development and innovation within the crypto area.

Learn extra: Cathie Wooden calls on US regulators to emulate Hong Kong’s cryptocurrency insurance policies

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