The blockchain expansion platform SKALE Network has raised $17.1 million to launch its main network. The company said it could be the "best opportunity" for Ethereum to beat other smart contract platforms.
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SKALE Labs CEO Jack O 'Holleran told CoinDesk that the investment included a $10 million donation from SKALE Labs and a recent $7 million financing. He pointed out that these figures are not final figures due to ongoing accounting adjustments and asset transfers.
According to O 'Holleran, 19 investors participated in recent financing, including Arrington XRP Capital, Blockchange, ConsenSys Labs, Hashed, HashKey, Multicoin Capital, Recruit Holdings and Winklevoss Capital, bringing the total funding of the project to more than 40 people. .
San Francisco-based SKALE Labs is funded mainly by a $10 million “Future Token Simple Agreement” (SAFT) financing, including $8.68 million in financing led by Multicoin Capital, and earlier last year. The investor provided $795,000.
Kyle Samani, managing partner of Multicoin Capital, told CoinDesk by email:
“In the past year, Skal has grown tremendously in almost every aspect.”
“They have a lot to be like, and we’re impressed with their strategy, design specifications and execution capabilities. The product clearly touches people’s nerves. I expect that most of the smart contracts in the Ethereum ecosystem will eventually be utilized. Skale."
O 'Holleran said the funds will be used to fund and stabilize SKALE's PoS network, improve its security, and add staff to its current 20-person engineering team.
After the token sales in October last year, SKALE Labs launched a test network at the end of 2018 and established the NODE Foundation in April 2019. NODE is similar to the non-profit Ethereum Foundation because both organizations are committed to promoting the use of their respective networks.
Intense competition in the field of smart contracts
SKALE is the latest attempt to improve the scalability of the Ethereum blockchain.
According to a statement from SKALE Labs, the network said it would enable dapps to "million transactions per second at a fraction of the cost currently possible."
O'Holleran added in a statement:
“Helping Ethereum Dapp developers to extend the app is at the heart of our work.”
SKALE Labs said the network is designed to help developers by providing a high-speed, fast-retailing, and low-cost, two-tier platform.
O 'Holleran said that SKALE hopes to make progress in games and decentralized financial (DeFi) applications.
"Many games not only want to have a blockchain to support payments within the system, but also want to have NFTs (non-replaceable tokens), which are parts of the game that exist on the blockchain."
Investors in the blockchain have recently seemed to be optimistic about the use of the game.
In September, Tencent’s largest shareholder, South African company Naspers, led a $15 million financing from Imds Unchained developer Immutable Games.
Two months ago, Initialized Capital, Coinbase Ventures and Polychain Capital invested $3.75 million in Horizon Games, a blockchain gaming studio that created Skyweaver, a competitor known as Hearthstone.
O'holleran said that SKALE currently has 23 different dapps on the platform. He said that the list of all game companies working with SKALE will be announced in early November.
As one of the major investors in the network, Hashed was selected as an investor because of its strategic value in the Korean gaming market, O'holleran added:
“I think the (South Korea) market is indeed accepting blockchain games compared to the rest of the world. I think this will be the first important attraction we see.”