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StarkWare, an Ethereum Layer 2 developer behind several Ethereum scaling products, is reportedly raising capital at a $6 billion valuation.
The company will raise at least $100 million
Israeli newspaper Calcalist has reported that StarkWare is raising a new round of funding at a $6 billion valuation. The round is not yet closed and is likely to be at least $100 million. The newspaper did not cite a source for the news and did not specify who might invest.
The new round of funding would come barely three months after StarkWare raised $50 million in a Series C round at a $2 billion valuation, tripling its valuation. The latest round was led by Sequoia Capital, with participation from Paradigm, Three Arrows Capital, Alameda Research, and others.
What is StarkWare?
Founded in 2017, Israeli company StarkWare offers two Ethereum scaling products: StarkEx and StarkNet. The first is a permissioned, custom Ethereum scaling engine used by dYdX, Sorare, and Immutable X. While StarkNet is a permission less, decentralized ZK rollup network that was recently fully launched.
Users expect StarkNet to issue tokens to users, as the company has announced plans to decentralize itself and hand over control to its community. However, StarkWare itself has not yet confirmed that it will launch a token. The idea of an airdrop is currently only based on speculation.
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