Layer-2 Scroll solution raised 50 million USD

The project that is building a layer-2 solution for Ethereum, Scroll, has reached a valuation of up to $1.8 billion after the latest $50 million funding round.

The layer-2 Scroll solution raised $50 million. Photo: TheBlock

Scroll, the zk-Rollups solution for Ethereum that uses zero-knowledge proof technology, has successfully raised $50 million in its latest funding round, according to sources from Cointelegraph. TheBlock.

Investors participating in the round include Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming Venture Partners. The value of the project was raised to 1.8 billion USD.

In April 2022, Scroll once raised $ 30 million, but did not disclose a valuation.

Scroll is a project to build a layer-2 scaling solution for Ethereum in the direction of zk-Rollups, using zero-knowledge proof technology to ensure data accuracy, while maintaining privacy for users. . Ethereum-linked zk-Rollups projects are often referred to as zkEVM.

Unlike its competitors, which built zkEVM in its own programming language and then “translated” it into Ethereum’s Solidity to save time, Scroll chose a more complicated direction when programming his zkEVM also in Solidity. In turn, the layer-2 solution hopes that Ethereum projects will easily bring applications to Scroll without spending extra time ensuring compatibility with the programming language.

In early March 2023, Scroll announced that it had deployed its zkEVM product to Ethereum’s Goerli testnet. However, the project has not yet been able to estimate the time to bring the complete solution to the Ethereum mainnet, although in recent years, many zkEVM projects such as Polygon, ConsenSys, StarkNet and zkSync have been confused about production information. products or enter the final stages of testing or set a release date.

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