.SeiNetwork has raised $30 million in two rounds to build its trading focussed layer 1 and further expand into Asia. By BrandyBetz.
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 Global, Multicoin Capital, Asymmetric, Flow Traders, Hypersphere and Bixin Ventures. The post-money valuation stands at $800 million, the companySei 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.
The funding comes as investments in the crypto industry remain constrained by the bear market, though“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 Among those apps, exchanges and trading have achieved the clearest product-market-fit, but are held back by outdated Layer 1 blockchains.
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