Layer 1 blockchain contributor Sei Labs has raised $30 million across two strategic funding rounds. The funding will help accelerate Sei Labs’ growth, including a deeper expansion into the Asia-Pacific region.
Investors in the rounds included Jump Crypto, Distributed Küresel, Multicoin Capital, Asymmetric, Flow Traders, Hypersphere and Bixin Ventures. The post-money valuation stands at $800 million, the company told TechCrunch.
Sei Labs contributes to the Sei blockchain, an open-source layer 1 blockchain focused on asset trading. The chain is optimized to allow decentralized exchanges and trading apps to offer users a fast, scalable user experience. Sei’s public testnet went live on March 13 and has attracted more than 3.6 million unique users in that time, according to the company.
The funding comes as investments in the crypto industry remain constrained by the bear market, though blockchain infrastructure projects have proven one of the most resilient categories.
“Infrastructure and applications historically come in cycles – Ethereum and the last generation of public blockchains led to a Cambrian explosion of new decentralized apps over the past two years. Among those apps, exchanges and trading have achieved the clearest product-market-fit, but are held back by outdated Layer 1 blockchains. Our mission at Sei is to build the best infrastructure for trading,” said Sei Labs co-founder Jayendra Jog in the press release.
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