Trading-oriented layer-1 blockchain platform Sei just raised $30 million, raising its total value to $800 million. Through its Chain, Sei is primarily focused on cryptocurrency trading. Its team includes people who have worked at Goldman Sachs, Databricks, Robinhood, Google, and Nvidia, among other companies.
The blockchain is already operating in the public testnet phase, and it intends to deploy its mainnet later this year. Before a full launch, blockchains make use of testnet periods to allow for the running and testing of projects on their network.
The funding was led by prominent venture capital firms like Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures who participated in this fresh round of funding. Over 120 different projects are now being developed on top of the blockchain. Projects such as Axelar, Pyth, and Sushi among others are on this list
It has been reported that Jayendra Jog, one of the co-founders of Sei Labs, stated that the funds will also be utilized to extend the company’s footprint in the Asia-Pacific region. He further said that the capital raise would help the firm gain strategic partners ahead of its mainnet.
The blockchain boasts of its infrastructure with three key features; unparalleled speed, security-first oriented and user-centric approach. Having over 4 million testnet users with over 100 million testnet transactions. They also say that the blockchain throughput can be up to 20,000 orders per second with a transaction finality of 500 milliseconds.
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