Versatus Labs Raises $2.3 Million in Seed Round Funding
Verastus Labs, a peer-to-peer web service protocol, has announced that it successfully raised $2.3 million in a seed funding round. This brings the company’s valuation to $50 million. The funding round was led by NGC Ventures and Republic Crypto, prominent investors in the Web3 industry.
Developing the Verastus LASR
Verastus Labs, formerly known as VRRB Labs, has evolved from a layer 1 solution into an Ethereum scaling solution. The funding will be used to further develop the Verastus LASR, which is the world’s first stateless rollup. This platform allows developers to build smart contracts in their preferred language with their preferred tools.
Prior Funding and Future Plans
Verastus Labs previously raised $1.4 million in a pre-seed round, which enabled the company to pivot into a scaling solution. In total, they have raised $3.7 million over the past year. With this funding, Verastus Labs plans to bring their product to a wider audience.
The Advantages of LASR
Verastus Labs’ LASR platform offers several advantages over traditional rollups. It only broadcasts “absolute necessary data” on the network’s base layer, reducing costs and inefficiencies associated with Ethereum. LASR can also settle transactions on the Ethereum base layer or work with any layer or multiple blockchains.
A Flurry of Partnerships
In addition to the funding, Verastus Labs has announced partnerships with EigenLayer, Stader Labs, and Anagram. These partnerships will enhance their offerings and provide developers with additional resources.
Positive Reception and Future Milestones
The funding and the stateless rollup solution have received positive feedback from industry experts. Joseph Eagan, co-founder of Anagram, praised Verastus Labs for their developer-focused approach. Sreeram, founder of EigenLayer, highlighted the importance of stateless verification in scaling optimistic rollups.
Hot Take: Versatus Labs Raises $2.3 Million in Seed Round Funding, Bringing its Valuation to $50 Million
Versatus Labs has successfully raised $2.3 million in a seed funding round, with NGC Ventures and Republic Crypto leading the investment. This funding will support the development of the Verastus LASR, a stateless rollup that enables developers to build smart contracts more efficiently. Versatus Labs has also formed partnerships with EigenLayer, Stader Labs, and Anagram to enhance its offerings. The positive reception from industry experts highlights the potential impact of this funding and technology on the crypto space.
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