Ethereum L2 Protocol StarkWare Raises $100 Million At $8 Billion Valuation

Ethereum’s layer two protocol, StarkWare has ended its series D funding at $100 million. The announcement was made in a tweet by the company, few hours ago. StarkWare Industries is a layer two Ethereum block protocol, founded on January 1, 2018. Its headquarters is located in Netanya, HaMerkaz, Israel.

StarkWare Attain $8 Billion Quadruple In Six Months

The company is currently valued at $8 billion, following its latest series D funding. The company’s first series funding dates back to Oct. 28, 2018. The series A funding was led by venture capital firms, Sequoia Capital and Paradigm. It added 18 investors and six partners. $30 million was raised.

On March 24, 2021, the company embarked on a Series B funding and successfully added eight investors and seven partners. A huge $75 million was raised. Few months later, the company launched its Series C funding, on Nov. 16, 2021.

The fund closed with $50 million and the company’s total value appreciating from $2 billion to $6 billion. Three investors and two partners were added. The latest Series D funding has led to a $8 billion valuation after closing at $100 million. 

Prediction Of A Layer 2-driven Future

An anonymous user on Reddit has given his projection of what the future holds for Ethereum-based assets. According to him, L1 thrived because of an absence of competition, evidenced by attaining the sales phase while competition was still in the development phase. 

He believes scaling and the perception of a better Blockchain would fast become a commodity. The future would mean even more competition in the L2, which is a good thing, considering the fact that they are decentralized. 

He believes that there is a process for an L2 adoption and even though its not moving swiftly, they are already better options in terms of “reliability, decreasing fees, and increasing accessibility.” Despite all of these, the door is still open for development. 

The user clearly believes Ethereum is unrivaled. In his own words, “Ethereum is and will be the only credibly neutral blockchain in existence.”

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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