Sei Labs co-founder Jayendra Jog has revealed that the layer-1 blockchain focused on trading has secured $30 million in funding. This investment brings Sei’s valuation to a staggering $800 million, as shared by a company spokesperson prior to publication.
A Focus on Trading Infrastructure
Unlike many other Layer-1 blockchains that offer general-purpose networks for developers to build upon, Sei is uniquely focused on providing infrastructure specifically designed for the crypto trading network. The team behind Sei consists of former employees from reputable companies such as Goldman Sachs, Databricks, Robinhood, Google, and Nvidia.
"We’re building the best infrastructure for exchanges," Jog said, highlighting that the blockchain also has projects working on games, NFT marketplaces, and rollups. "It’s not just DeFi [Decentralized Finance], but other applications that derive demand from trading."
Capital Raise for Strategic Partnerships
The funds raised will be used to secure the right strategic partners, especially as Sei approaches its mainnet launch later this year. The company also plans to expand its presence in the Asia-Pacific region.
"From our side, we had ample runway," Jog said, referencing a $5 million seed round secured by Sei in August 2022. "The primary goal for this round wasn’t just focused on capital, but to get the right set of partners."
Investors and Ecosystem Fund
Notable investors participating in the new funding round include Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures. In September 2023, Sei launched a $50 million ecosystem and liquidity fund to support new DeFi applications on its platform.
Growing Adoption
Sei has already seen significant growth, with over 120 projects building on its blockchain. The latest public testnet attracted approximately 3.6 million unique users and processed over 35 million transactions in less than a month in mid-March.
"There will be a lot of crypto-native adoption," Jog said, "but there needs to be applications that are more general and super inclusive for there to be greater adoption."
A Bright Future Ahead
Sei’s success is a testament to the growing demand for specialized blockchain infrastructure. With its focus on trading and commitment to innovation, Sei is well-positioned to become a leading player in the Layer-1 blockchain space.
Update: The original article was revised to include more precise information regarding the valuation figure.
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