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Ethereum startup Aligned Layer clinches $2.6m in enterprise capital

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Aligned Layer, a startup touted as a “common verification layer for Ethereum,” confirmed Sunday, April 14, that it raised $2.6 million in seed funding.

Lemniscap, a seven-year-old agency that has backed a number of firms within the crypto blockchain area, led the trouble. The agency beforehand led the $2.4-million funding spherical for web3 startup Safary in January.

Bankless Ventures and Paper Ventures are additionally backing Aligned Layer, together with StarkWare, O(1)Labs and Ingonyama CEO Omer Shlomovits.

Aligned Layer introduced the capital elevate through social media. See beneath.

1. We’re excited to announce that we have raised $2.6M in our Seed Spherical, led by @Lemniscap , to allow builders to entry reasonably priced and quick proof verification for all proof techniques.

Aligned Layer helps Ethereum develop into a greater, sooner and cheaper settlement layer for validity… pic.twitter.com/pFCOFRAh8R

— Aligned Layer (@alignedlayer) April 14, 2024

Aligned Layer is touted as the primary decentralized ZK Proof verification layer for Ethereum. It’s additionally powered by Eigen Layer — a restaking mechanism that enables ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to enhance safety for different protocols.

You may additionally like: Blockchain fraud group strikes once more, launches contemporary scheme on Blast community

Aligned Layer objectives

The corporate will put the proceeds of the capital elevate towards increasing its operations and accelerating Aligned Layer’s mainnet launch, scheduled for the second quarter of 2024.

As an infrastructure supplier, Aligned Layer goals to decrease prices and enhance speeds for builders which might be constructing purposes like L2s, or layer-2 networks.

See also  Bitcoin’s newest rally pushed by ‘big accumulation’

The seed spherical additionally included participation from a number of angel traders, together with Sreeram Kannan, Brandon Kase, Daniel Lubarov, DCbuilder, Chainyoda, Weikeng Chen, Sami BENYAKOUB (samnode_), Peter Fittin (SizeChad) and Lucas Kozinski.

“At present’s announcement is a testomony to our group’s shared dedication to creating Ethereum essentially the most cost-effective and environment friendly platform for ZK verification by utilizing Eigen Layer,” Aligned Layer co-founder Roberto José Catalán stated in a ready assertion.

“At Aligned Layer, we firmly imagine that builders ought to be capable of use the proof system that most closely fits their wants, with out being constrained by the settlement layer,” he added.

The funds are anticipated to provide the corporate sufficient runway to execute objectives, Catalán added.

The Aligned Layer funding comes on the heels of a busy week for crypto enterprise capitalists. New York-based Monad Labs, for instance, scored $225 million in funding as a part of a spherical led by Paradigm. Monad is a layer-1 blockchain appropriate with the Ethereum Digital Machine however can course of transactions utilizing the identical algorithm sooner.

There was additionally Bitcoin layer-2 community Mezo. The startup raised $21 million in a Pantera-led funding spherical.

Through the first three months of 2024, world traders put $2.5 billion into crypto-related startups, in response to PitchBook.

Learn extra: Bitcoin layer-2 community Mezo raises $21m in Pantera-led funding spherical

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