Matter Labs, the firm behind Ethereum Layer 2 scaling protocol zkSync has raised $50 million in a Series B funding round led by Andreessen Horowitz (a16z), the company said Monday.
- The funding will be used to finance Matter Labs’ business growth, including expanding scientific and engineering teams.
- Other investors in the round included Placeholder, Dragonfly and 1kx, who also participated in the $6 million Series A funding round that closed in February.
- Blockchain.com, Crypto.com, Consensys, ByBit, OKEx, Alchemy, Covalent, AAVE, Paraswap, Lido, Futureswap, Gnosis, Rarible and others also contributed to funding.
- Matter Labs builds zero-knowledge (ZK) proof technology on Ethereum and launched its first public ZK rollup prototype in 2019.
- zkSync version one is a ZK rollup for payments and has been live on the Ethereum mainnet since July 2020.