StarkWare, the company that promises crypto applications for everyone, has secured $ 50 million in a funding round led by Sequoia Capital, valuing the company at $ 2 billion.
The Series C funding comes just seven months after a $ 75 million Series B round, reflecting the importance of scaling the blockchain for wider use in the modern economy.
“Today’s blockchains simply cannot handle the volume of transactions necessary for mass use,” said Eli Ben-Sasson, co-founder and president of StarkWare. “The math-based technology invented by StarkWare is the invisible hand that increases the bandwidth of the blockchain, giving it the ability to serve everyone.”
“This valuation gives us more confidence than ever in our vision. By enabling blockchains to scale globally, people of any economic level will gradually be able to move away from trusting data in the hands of large companies and controlling it themselves.”
“StarkWare is tackling one of the biggest issues in crypto – the computational scalability of the blockchain,” said Mike Vernal, a partner at Sequoia. “StarkWare is the undisputed market leader in terms of zero knowledge accumulations, driving more than $ 100 billion in transaction volume last month and helping dYdX, Sorare, Immutable and others serve millions of customers. We are delighted to deepen our relationship with the team behind such critical technology. “
Until now, StarkWare’s technology has been available only to customers through its StarkEx scaling engine. But this is about to change: Series C funding will support the full deployment of the StarkNet platform (a “Layer 2” in blockchain lingo), which will allow anyone to build blockchain applications using StarkWare’s innovative technology. This technology is expected to power a new generation of blockchain-based applications.