Ethereum L2 “Scroll” Raises 6.8 Billion Yen, Valuation to 244 Billion Yen

To develop the Ethereum ecosystem

Cryptocurrency Ethereum (ETH) L2 project Scroll announced on the 7th that it has raised new funds.

The company has not disclosed the amount or other details, but according to a source at The Block, the company is valued at about 244 billion yen ($1.8 billion) with this round of funding. The amount raised is approximately 6.8 billion yen ($50 million), and is funded by multiple global companies such as Polychain Capital and Sequoia China.

Scroll is a company that develops “zkEVM”, which is currently attracting attention. On the 27th of last month, it announced that it had launched its own zkEVM solution on the Goerli testnet. The announcement describes the status of the testnet, saying it has so far created 180,000 addresses and processed 665,000 transactions.

connection: Ethereum L2 “Scroll” launches zkEVM on Goerli testnet

The company plans to use the newly raised funds to:

• Development of a secure and fully functional mainnet
• app assistance
• Research for network development

In this announcement, he explained that interest in the development of Scroll has increased significantly. He also said that he will continue to build scaling solutions and ecosystems for the global Ethereum community.

Scroll co-founder Sandy Peng told The Block that the zkEVM mainnet is expected to launch in three to four months.

What is Scroll

zkEVM, developed by Scroll, is an L2 solution that utilizes a technology called ZK rollup and is equivalent to Ethereum’s virtual machine (EVM). The company’s globally distributed members are developing with the goal of improving the Ethereum network while maintaining transparency and decentralization.

connection: What is “Rollup”, a solution to the scaling problem | Detailed explanation of the mechanism and points to note

In April last year, the company raised $30 million (approximately ¥4 billion at the current exchange rate) in a series A round. The round was led by Polychain Capital and backed by Bain Capital Crypto, Robot Ventures, Geometry DAO and members of the Ethereum Foundation.

Until now, Scroll has continued development according to the roadmap posted on the official website. As mentioned above, we launched zkEVM on the Goerli testnet last month, and this “Alpha testnet” is the last test before the mainnet launch.

connection: “GM Radio” Ethereum L2 developer Scroll will participate next time

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