Ethereum L2 Scroll reaches $1.8 billion valuation in new funding round: Source
Summary
Scroll, an Ethereum Layer 2 network that uses zk-rollups technology, raised $50 million in a new funding round.Investors in the round included Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming Venture Partners, Scroll said Monday.Scroll declined to comment on the valuation and the structure of the round, but a source with direct knowledge of the matter told The Block that the round brings Scrolls valuation to $1.8 billion.Scroll previously raised $33 million in two funding rounds and hadnt disclosed its valuation then. The new round brings Scrolls total funding to date to $83 million.Scroll was founded in 2021 with the vision of scaling Ethereum to a billion users. Traction on the pre-alpha testnet was strong, Scroll co-founder Sandy Peng told The Block in an interview. The mainnet is expected to launch in the next three to four months, Peng added.Scroll is one of several Ethereum scaling networks that use zk-rollups. Peng said Scrolls three design principles or core values community-driven, security first and decentralization at every level are its competitive edge.With the fresh capital, Scroll plans to continue building its product, launch its mainnet and expand its ecosystem.