Skale Network Raises $17.1 M for Mainnet Launch

The Skale Network, a decentralized Ethereum-compatible network, has completed a $17.1 million funding round for its mainnet launch.

Solid global support

On October 1, it has been reported by a news release that Liechtenstein’s Node Foundation and United States-based Skale Labs, the network now has over 40 investors in the U.S., European Union, Japan, Korea, Hong Kong, and Singapore.

The new financing round featured major industry investors includes Arrington XRP, ConsenSys Labs, Winklevoss Capital, Multicoin Capital, Blockchange, Hashed, HashKey, and Recruit Holdings.

$9.65 million raised in 2018

As earlier reported, the network is a fully permissionless, open-source, peer-to-peer network that is using the Skale utility token staked by decentralized applications and supported by validator nodes.

However, the network was announced in October 2018 that Skale Labs raised $9.65 million in funding for launching the initiative. At the time, the firm declared that Skale will be the first implementation of the Ethereum Virtual Machine (EVM) on a Plasma chain.

The Skale Network is reportedly expected to authorize the developers to easily provision highly configurable virtualized chains that enjoy instant compatibility with the Ethereum blockchain.

It has been reported that according to the news release, Skale Chains can execute sub-second block times, run over 2,000 transactions per second on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM.

Thus, in August 2019, Skale Labs announced that the launch of its Fuji DevNet, a decentralized DevNet which is run by a global community of validators include Blockware, Certus.One, Chorus One, Dokia, Figment Networks, Hashed, Staked, StakewithUs, and Stake X, as well as Bison Trails.

Source: Cointelegraph, Cision PR Newswire, and Fintech Finance

#MainnetLaunch #SkaleLabs #SkaleNetwork

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