StarkWare, an Ethereum Layer 2 start-up, is on track to close a $100 million (£76m) funding round, according to Israeli news source Calcalistech.
Whilst not yet announced, the funding will follow a $50 million (£38m) Series C from November last year that pulled in investors such as Sequoia Capital, Paradigm, Three Arrows, and more. Back then, the company was pegged at a $2 billion (£1.53bn) valuation.
Now expected to push for a $6 billion (£4.57bn) valuation, StarkWare’s rapid growth highlights the trend in masses of capital being allocated to Layer 2 Ethereum solutions. Polygon, which offers a host of Ethereum scaling solutions, recently raised $450 million (£332m) at a $13 billion (£9.5bn) valuation.
Founded in 2018, StarkWare aims to use zero-knowledge proof to solve problems inherent to blockchain technology. It uses a highly-efficient method for blockchain computation, that, until recently, was only available to its clients through its scaling engine StarkEx.
Following its Series C, the company is planning the full…
