Sei, a trading-focused Layer 1 blockchain, has raised $30 million at an $800 million valuation, Jayendra Jog, co-founder of Sei Labs, solely informed forexcryptozone.
Whereas many layer 1 blockchains present normal objective networks that builders can construct on, Sei focuses on the crypto buying and selling community via his chain. His group is made up of former staff of Goldman Sachs, Databricks, Robinhood, Google and Nvidia.
“Our mission is to construct the perfect infrastructure for exchanges,” Jog mentioned, including that the blockchain additionally has plans to construct video games, NFT marketplaces, and rollups. “It isn’t simply DeFi, however different (functions) that derive demand from buying and selling.”
The corporate raised capital to win the “proper strategic companions, particularly for the mainnet,” Jog mentioned. The cash may even be used to develop its presence within the Asia-Pacific area, he added.
The blockchain continues to be in its public testing part and plans to launch its mainnet later this 12 months, hopefully within the second quarter, he added. Blockchains use testnet intervals to run and check tasks on their community earlier than a full launch.
“On our aspect we had a giant monitor,” Jog mentioned. Sei raised a $5 million seed spherical in August 2022, however mentioned the principle purpose of this spherical was “not nearly capital, however to get the proper set of companions.”
New spherical traders embody Leap Capital, Distributed World, Multicoin Capital, Uneven Capital Companions, Movement Merchants, Hypersphere Ventures, and Bixin Ventures.
In September, Sei launched a $50 million ecosystem and liquidity fund to assist new DeFi functions on its platform.
The blockchain has greater than 120 tasks counting on its blockchain. Its newest public testnet attracted round 3.6 million distinctive customers and processed greater than 35 million transactions in lower than a month as of mid-March, the corporate mentioned.
“There will probably be a number of crypto-native adoption, however there must be extra mainstream, super-inclusive apps for there to be better adoption,” Jog mentioned.
