Ethereum scaling solution StarkWareLtd has raised $100 million in a new funding round at an $8 billion valuation, up from a $2 billion valuation in November. BrandyBetz reports
StarkWare Industries, which provides solutions to make blockchain technology more scalable, has raised $100 million in a Series D funding round at an $8 billion valuation, up from the $2 billion valuation at its last fundraise in November.
Significantly, the nine-figure deal closed during a crypto bear market. According to Kolodny, StarkWare and its backers are less focused on the current prices of tech stocks or cryptocurrencies and more focused on “building for the long haul.”StarkWare technology addresses the scalability issues of the Ethereum blockchain, which cause slow throughput and raise gas, or transaction, fees. The company has two platforms.
StarkNet, zkSync and Aztec offer zk rollup solutions. StarkWare’s offering uses a cryptographic method called STARKs, which was developed by company co-founder and president Eli Ben-Sasson alongside other computer scientists. Near-term plans for StarkWare include decentralizing StarkNet. Kolodny declined to comment on whether the process would involve a token.