Oshri Elkelsi 16:55 Startup and Venture Capital
A crisis in crypto? Not if you ask the Israeli blockchain startup that has now raised $ 100 million
The Israeli crypto company StarkWare, which is developing a system for the secondary layer of the blockchain (Layer 2) that helps compress data and reduce the costs of using the network (which is also known as gas), announced today (Wednesday) the completion of Round D in the amount of $ 100 million. The raising was valued at $ 8 billion and led by Greenoaks Capital and Coatue Funds, which was also attended by Tiger Global and other investors.
Improve the lives of blockchain users
StarkWare develops a software and hardware-based system based on Zero-Knowledge Proofs theory. At the tip of the fork, in such a protocol one party can present to the other party a confession of the truths of any claim, without disclosing any information about it. In terms of the technology worlds, it’s just like letting one side identify with another using a password, without revealing the password to the other side.
Through the application of this mathematical tool developed in the 1980s on the world of blockchain, StarkWare claims that it can dramatically increase the volumes of calculations and transactions on blockchain networks, while maintaining the privacy of information. In this way, it will also be able to significantly reduce the fees for using the network – or the cost of gas. StarlkWare is a company operating in the second tier of the blockchain, and one designed to improve the use of first-tier blockchain (Layer 1) such as Etherium, Bitcoin or Avalanche. Last June alone, the company raised $ 50 million at a value of $ 2 billion – and has now doubled its value fourfold.
StarkWare was founded in early 2018 by Professor Eli Ben-Sasson; Michael Ryavtsev, Chief Architect; Uri Kolodny, CEO of the company; and Professor Alessandro Chiazza of the University of Berkeley, who serves as the chief scientist in the Western market. The company employs 50 people and has raised about $ 260 million to date.
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