Scroll Raises $50M and Hits a $1.8B Valuation
Scroll, a tier-two network that uses ZK-Rollups technology to scale Ethereum, has raised $50 million in a recent funding round.
Investors included Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, and Qiming Venture Partners.
The structure of the round and evaluation of the company were not disclosed, though sources reported it could reach $1.8 billion.
With the proceeds, Scroll will launch their mainnet and expand their ecosystem. Co-founder Sandy Pan stated the team will increase from 60 to 100 people.
The Scroll Network was established in 2021 with the ambition to extend Ethereum to a billion users. At the start of February, the project team launched their zkEVM on the Goerli testnet.
As of now, the network has 1 million unique addresses that have completed 16 million transactions.
