Crypto startup Subzero Labs has completed a $20 million seed round financing, with Pantera Capital leading the investment.
BlockBeats News, August 2nd: According to Fortune magazine, cryptocurrency startup Subzero Labs has completed a $20 million seed round of financing. The round was led by crypto investment firm Pantera Capital, with participation from crypto venture funds Variant and Coinbase Ventures, as well as the crypto arm of high-frequency trading firm Susquehanna.
Subzero Labs Co-founder and CEO Ade Adepoju declined to disclose the company's valuation following this round of financing. He stated that the transaction was completed in the first quarter of this year and involved a combination of equity and token warrants (i.e., allocation rights to future unreleased crypto tokens).
Subzero Labs plans to launch a new blockchain called Rialo, designed for real-world applications. Rialo is not a traditional Layer 1 blockchain—in Adepoju's words, it is "not Layer 1, 2, 3, 4, 5, or 6," and he is reluctant to draw analogies with existing crypto products. Rialo is aimed at non-crypto developers, allowing engineers to build on the blockchain functions that are normally off-chain. For example, it can access off-chain data without the need for an oracle, such as FICO credit scores.
You may also like
Gainers
Latest Crypto News
Whale "pension-usdt.eth" has opened a new long position in BTC, with the position reaching $91 million, making it the largest long position on BTC on Hyperliquid.
Hyperliquid Officially Launches Cross-Margin Auto-Deleveraging (ADL) Liquidation System
Today's $13 Billion Nominal Value BTC Options Expire, Maximum Pain at $98,000
A whale sold 100 wBTC, resulting in a total unrealized loss of $30.91 million.
Data: Significant On-Chain Accumulation of chips occurred in the $84,000 to $85,000 range, with two remaining resistance levels above.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:[email protected]
VIP Services:[email protected]