L1 blockchain “Sei” for cryptocurrency trading raises about 4 billion yen

Improving the UX of virtual currency trading

“Sei Labs”, which is involved in the development of the L1 blockchain “Sei”, announced on the 11th that it has raised a total of about 4 billion yen ($30 million) in two rounds.

He explained that the raised funds will mainly be used to secure strategic partners. It will also be used to grow Sei Labs and develop its business in the Asia-Pacific region. The round was funded by Jump, Distributed Global and Multicoin Capital.

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— Sei (@SeiNetwork) April 11, 2023

connection: Virtual currency exchange Bitget establishes 13 billion yen Web3 fund Investment with priority on Asia

Sei is a blockchain designed to process cryptocurrency (virtual currency) trading quickly. With chain-level optimization possible, DEXs (decentralized exchanges) and trading apps can provide a tailored experience for their users.

This time, Sei Labs expects to strengthen its position as the fastest blockchain for trading if the team and business grow using the raised funds. He also said that he would like to promote the development of the digital asset ecosystem around the world.

Sei Labs co-founder Jayendra Jog said in this announcement that while dApps (decentralized apps) have developed, DEX and trading apps have stopped growing due to the outdated L1 blockchain. pointed out. He then commented:

According to a report by IT media “TechCrunch”, the company’s valuation has increased to about 107 billion yen ($800 million) with this funding.

Sei development status

Sei launched its latest public testnet on the 13th of last month. It’s still in the development stage, but Sei Labs says it’s making big strides.

Since the 13th, the public testnet has been used by over 3.6 million new users. It has also processed more than 35 million transactions in less than a month.

To date, more than 120 teams have deployed products on Sei’s blockchain. In January, DEX SushiSwap revealed plans to offer perpetual trading on Sei.

connection: What is “SushiSwap” that even beginners can understand? | Explanation of features and mechanism

At the time, Jared Gray, lead developer of Sushiswap, said Sei was “a very logical place to release perpetual trading as it focuses on having an order book and matching engine in the consensus layer.” there is

connectionSushiSwap partners with Sei Network to offer perpetual trading

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