Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million – Bitcoin News


Offchain Labs Launches Arbitrum One Mainnet — Startup Raises $120 Million

On August 31, 2021, Offchain Labs announced the official launch of Arbitrum One mainnet and further detailed that the company has raised $120 million in funding. The Series B financing led by Lightspeed Venture Partners gives the firm a $1.2 billion valuation.

Arbitrum One Mainnet Is Now Live, Offchain Labs Raises $120 Million in Funding

The highly anticipated Arbitrum One mainnet launch has been revealed by the firm Offchain Labs and the startup also detailed the company has raised $120 million in financing. News has written about the Arbitrum One Layer-2 scaling solution on a few occasions as the protocol leverages Optimistic rollups to help Ethereum scale. A number of popular decentralized finance (defi) projects are leveraging Arbitrum’s gateway in order to give users better fee rates and faster actions.

Arbitrum’s technology is leveraged by defi projects like Aave, Balancer, Band Protocol, Coinbase Wallet, Chainlink, Curve, DAI stablecoins, Etherscan, Dodo, Metamask, Shapeshift, Sushiswap, Uniswap, and many more. In addition to the launch, Offchain Labs revealed the startup raised $120 million in funding led by Lightspeed Venture Partners. Other Offchain Labs investors included the Shark Tank television host and billionaire Mark Cuban, Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, and Alameda Research.

Over 400 Projects Leverage Arbitrum’s Technology, Synfutures Implements Arbitrum News also reported on how the popular online forum website Reddit is using Arbitrum’s technology with its Ethereum-based community points system. “[Offchain Labs’] dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That’s why over 400 projects have chosen to launch with Arbitrum, including Reddit,” Amy Wu, a partner at Lightspeed said in a statement.

Moreover, a few other projects added Arbitrum One support to line up with the mainnet launch. ​​Decentralized derivatives exchange Synfutures revealed on Wednesday that the project was “now deployed on Arbitrum One.” “As we support the variety of investors entering the decentralized derivatives space, we want to be where they are. In a short time, Arbitrum has established itself as one of the most promising chains in the space, so the integration was a natural fit for us,” Rachel Lin, the founder and CEO at Synfutures detailed.

Tags in this story
$120 Million, Amy Wu, Arbitrum, Arbitrum One, DAI stablecoins, Dodo, Ethereum Scaling, etherscan, L2 Solution, layer 2, Lightspeed Venture Partners, mainnet launch, metamask, Offchain Labs, optimistic rollups, Rachel Lin, Scaling, Series B, Shapeshift, Sushiswap, Synfutures, uniswap

What do you think about the Arbitrum One mainnet launch and Offchain Labs raising $120 million? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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