Startup with Ukrainian roots “Matter Labs” Raises $50 Million

by Meifan Honcharuk
Wednesday, November 10, 2021
2 MIN

The startup "Matter Labs," which develops the "Ethereum" blockchain scaling protocol, raised $50 million

The $50 million investment was raised through the Series B funding round. Earlier, in February 2021, the startup raised $6 million through the A round.

In total, about 70 participants took part in the competition, including Placeholder, Dragonfly, Blockchain.com, Crypto.com and 1kx, and others.

The investment will be used to fund the growth of Matter Labs, including expanding the startup's science and engineering teams.

Now the startup is recruiting teams in Kyiv and Berlin. There are a dozen open vacancies.

What is Ethereum?

Ethereum is a global open-source platform for decentralized applications.

With Ethereum, you can write worldwide digital data management programs that work exactly as intended.

What Matter Labs does

As cryptocurrencies become more popular, many new users and developers of decentralized applications are discovering that the limitations of the Ethereum network have made it a rather busy place to do business due to slow transactions and exorbitant fees.

Matter Labs is developing an Ethereum blockchain scaling protocol that reduces traffic on the Ethereum central blockchain by shifting the heavy lifting of transaction processing onto efficient secondary chains that write transaction packet data to the leading Ethereum network. This solution allows developers to take advantage of faster and cheaper transactions without losing the security of the Ethereum ecosystem. Matter Labs is building zero-knowledge proof (ZK) technology on Ethereum and launched its first public prototype of the ZK accumulative package in 2019.

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