Ethereum Layer 2 blockchain LightLink has secured $6.2 million in funding during an extension of its seed round.
Institutional and individual investors also participated in this effort.
“No further rounds are scheduled.” [at the moment]” the company said in a social media post on Saturday, April 6th.
LightLink extends its seed round due to high demand from investors. The startup ended up receiving an additional $1.7 million in the process. '
The company plans to use this influx of capital to advance its proprietary technology for gasless transactions while supporting its vision of a Web3 ecosystem accessible to millions of people.
Roy Hui, co-founder and CEO of LightLink, expressed his enthusiasm for this investment and highlighted the company's commitment to practical blockchain solutions.
LightLink's mission is to make blockchain practical and accessible. This investment will help enterprise partners continue building out his Web3 ecosystem for millions of users and powering their proprietary technology for gasless transactions.
Roy Hui, LightLink CEO and Co-Founder
The extended seed round included participation from prominent venture capital (VC) firms such as MH Ventures and NxGen, as well as individual crypto investors such as Eric Kryptman and Satoshi Stacker.
LightLink reportedly records approximately 115,000 transactions daily and has a strategic partnership with Animoca Brands.
Additionally, one of our upcoming initiatives is the launch of LL tokens backed by a liquidity bootstrap pool. This move aims to ensure fair distribution and efficient price discovery within the LightLink ecosystem, which will facilitate instant gasless trading for Dapps and enterprises.
The company's successful seed round comes against the backdrop of renewed VC interest in the crypto space.
According to data collected by Crypto Koryo, venture capital funding in crypto projects has surged by 38% since Q4 2023.
According to data from Crypto Koryo, the number of crypto projects funded by VCs also increased by 49%.
Venture firms including Andreessen Horowitz, OKX Ventures, and Paradigm led large investment rounds in the first quarter of 2024.
In March alone, crypto VC funds invested over $1.1 billion in 180 crypto startups, with a focus on infrastructure and decentralized finance projects.
This VC funding momentum mirrors trends seen in the fourth quarter of 2023, which observers say indicates a positive outlook for continued growth and innovation in the crypto space.
