Ethereum Scroll Scaling Product Raises $33M

Representatives of the Scroll blockchain project assured that they had raised $33 million during the Series A funding round. They emphasized that the proceeds will be used to develop new functionality for the Ethereum scaling solution. Startup co-founder Sandy Peng assured that the launch of the test network is expected in the second half of 2022.

The scaling project, which uses zk-rollup technology, has attracted the attention of large venture capital companies such as Bain Capital Crypto, Robot Ventures, Geometry DAO and others. Several angel investors also joined the first round, including Ying Tong and Carlos Aria of the Ethereum Foundation, as well as prominent members of the Ethereum community Anthony Sassal, Ryan Adams and Santiago Santos.

Peng assured that, thanks to the money raised, his company plans to significantly expand the staff, as well as carry out full preparations for the launch of the first test network, and then the main network of the project. Scroll currently employs 20 people, but their number should increase to 100.

Peng stressed that this project will be innovative in its sector. Thanks to it, developers in the Scroll ecosystem will have the opportunity to deploy any decentralized application (dApps) running on zk Layer 1 (the first level of the blockchain) on the scaling network. Programmers will be able to copy the smart contract bytecode from Ethereum and extract it without making any changes.

Specific details of the Scroll technology will be announced by the startup’s management in the next few months.

Earlier edition informed that the team of the blockchain project for scaling the second-level Ethereum network Boba Network spoke about the successful integration with The Graph startup.

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