Blockchain startup LightLink raises $6.2m as cryptocurrency VC activity shifts

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Ethereum layer-2 blockchain LightLink secured $6.2 million in funding throughout an prolonged seed round.

Institutional and particular person traders participated within the effort.

“No additional rounds deliberate [at the moment],” the corporate said in a social media put up on Saturday, April 6.

LightLink prolonged the seed spherical resulting from excessive demand from traders. The startup ended up receiving a further $1.7 million within the course of. ‘

The corporate plans to make use of this inflow of capital to help its imaginative and prescient of a web3 ecosystem accessible to tens of millions whereas advancing proprietary applied sciences for gasless transactions.

Roy Hui, LightLink’s co-founder and CEO, expressed enthusiasm in regards to the funding, highlighting the corporate’s dedication to sensible blockchain options.

Our mission at LightLink is to make blockchain sensible and accessible. This funding will assist us proceed constructing a Web3 ecosystem for tens of millions of customers from our enterprise companions and improve our proprietary expertise for gasless transactions.

Roy Hui, LightLink CEO and co-founder

The prolonged seed spherical noticed participation from outstanding enterprise capital (VC) corporations resembling MH Ventures and NxGen, alongside contributions from particular person crypto traders like Eric Cryptoman and Satoshi Stacker.

LightLink reportedly data about 115,000 day by day transactions and enjoys a strategic alliance with Animoca Manufacturers. 

Moreover, one in all its upcoming initiatives is the launch of its LL token, backed by a liquidity bootstrapping pool. The transfer is designed to make sure equitable distribution and environment friendly worth discovery inside the LightLink ecosystem, which facilitates prompt, gasless transactions for dapps and enterprises.

The corporate’s profitable seed spherical comes in opposition to a backdrop of renewed VC curiosity within the crypto area.

In keeping with knowledge gathered by Crypto Koryo, enterprise capital funding in crypto initiatives has surged by 38% since This fall 2023. 

Crypto Koryo’s knowledge indicated that the variety of crypto initiatives receiving VC funding additionally elevated by 49%.

Enterprise corporations resembling Andreessen Horowitz, OKX Ventures, and Paradigm led main investment rounds within the first quarter of 2024. 

In March alone, crypto VC funds invested over $1.1 billion throughout 180 crypto startups, with a concentrate on infrastructure and decentralized finance initiatives.

This upward momentum in VC funding mirrors the pattern seen within the fourth quarter of 2023, which observers say signifies a constructive outlook for continued development and innovation within the crypto area.

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