Ethereum's layer 2 blockchain, LightLink, has secured $6.2 million in funding during an expanded seed round.
Institutional and individual investors participated in this effort.
“No further tours are planned [at the moment]”, the company stated in a social media post on Saturday, April 6.
LightLink has extended its seed round due to high demand from investors. The startup ended up receiving an additional $1.7 million in the process. '
The company plans to use this influx of capital to support its vision of a web3 ecosystem accessible to millions while developing proprietary technologies for gas-free transactions.
Roy Hui, co-founder and CEO of LightLink, expressed his enthusiasm for the investment, highlighting the company's commitment to practical blockchain solutions.
Our mission at LightLink is to make blockchain technology practical and accessible. This investment will help us continue to build the Web3 ecosystem for millions of users from our enterprise partners and advance our technology for gas-free transactions.
Roy Hui, LightLink CEO and Co-Founder
The expanded seed round saw participation from prominent venture capital (VC) firms such as MH Ventures and NxGen, along with contributions from individual cryptocurrency investors such as Eric Cryptoman and Satoshi Stacker.
LightLink reportedly records around 115,000 daily transactions and has a strategic alliance with Animoca Brands.
Additionally, one of its upcoming initiatives is the launch of its own LL token, powered by a pre-liquidity pool. The move is designed to ensure fair distribution and efficient price discovery within the LightLink ecosystem, which facilitates instant, gas-free transactions for decentralized applications and enterprises.
The company's successful seed round comes on the back of renewed venture capital interest in the cryptocurrency space.
According to data compiled by Crypto Koryo, venture capital funding in cryptocurrency projects has increased by 38% since the fourth quarter of 2023.
Crypto Koryo data indicated that the number of cryptocurrency projects receiving venture capital funding has also increased by 49%.
Venture firms such as Andreessen Horowitz, OKX Ventures, and Paradigm led major investment rounds in the first quarter of 2024.
In March alone, cryptocurrency venture capital funds invested more than $1.1 billion in 180 cryptocurrency startups, focusing on infrastructure and decentralized finance projects.
This upward momentum in venture capital funding mirrors the trend seen in Q4 2023, which observers say indicates a positive outlook for continued growth and innovation in the cryptocurrency space.
