- Sei’s chain concentrates on the crypto trading network, unlike many Layer-1 blockchains.
- The funds will help boost its Asia-Pacific footprint.
At a time when blockchain technology is gaining popularity in the financial sector, Sei’s most recent fundraising round is timely. The potential of blockchain is being investigated by conventional financial institutions, who see its advantages for efficiency, transparency, and security.
A big investment for Sei
According to an exclusive interview conducted by TechCrunch with Jayendra Jog, co-founder of Sei Labs, Sei, a layer-1 blockchain that focuses on trade, has successfully received $30 million in investment at a value of $800 million. Investors and industry professionals alike have taken notice of the blockchain’s novel strategy for concentrating on the cryptocurrency trading network via its chain.
Former workers from well-known corporations including Goldman Sachs, Databricks, Robinhood, Google, and Nvidia make up Sei’s staff, adding a lot of knowledge and expertise to the project. The company’s goal is to create the greatest exchange infrastructure; projects are currently being developed for rollups, NFT markets, and games, among other things.
According to Jog, the company gathered money to acquire the “right strategic partners, especially going into mainnet.” According to him, the funds would also be utilized to increase the company’s footprint in the Asia-Pacific area.
He noted that the blockchain is still in the public testnet phase and would likely deploy its mainnet in the second quarter of this year. Before a complete launch, blockchains employ testnet periods to operate and test applications on their network.
Progress for Sei so far
Even though Sei is still in the public testnet phase, it has already made great progress. In August 2022, the firm secured $5 million in a seed round, although Jog underlined that this most recent investment round’s main emphasis was not only on raising money but also on finding the proper partners to support Sei’s development and success.
Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures are among the investors in Sei’s most recent investment round, demonstrating the strong backing and interest from titans of the sector.
With more than 120 companies now using its blockchain, Sei has made considerable progress in the field of blockchain technology. The rising demand for and usage of Sei’s blockchain was shown by its most recent public testnet, which was released in September and drew an astounding 3.6 million unique users and executed over 35 million payments in just under a month in mid-March.
Sei’s other fundraising for DeFi
To assist future decentralized finance (DeFi) apps on its platform, Sei has established a $50 million ecosystem and liquidity fund.
Many layer-1 blockchains are doing “startupy, hacker house” things that don’t scale but are really important to their environment, according to Feng. We can be certain that exchanges will continue.
According to Feng, the key value proposition for Sei is to specialize a layer-1 blockchain. Because we have made trade-offs that no other L1s have, you can now accomplish things that you couldn’t in any other environment.
Jog underlined that although crypto-native apps would likely be adopted, there is also a need for more inclusive and generic applications to spur larger acceptance in the sector. Because of its exclusive emphasis on the cryptocurrency trading network, Sei is well-positioned to compete in this market and meet the rising demand from both traders and investors.