Ethereum layer-2 blockchain LightLink has secured $6.2 million in funding during an extended seed round.
Institutional investors and individual investors participated.
“There are (currently) no plans for further rounds,” the company said in a social media post on Saturday, April 6.
LightLink extended its seed round due to high demand from investors. The startup received an additional $1.7 million in the process. ‘
The company plans to leverage this influx of capital to support its vision for a web3 ecosystem accessible to millions, while advancing its proprietary technology for gasless transactions.
Roy Hui, LightLink’s co-founder and CEO, expressed enthusiasm for the investment and emphasized the company’s commitment to practical blockchain solutions.
LightLink’s mission is to make blockchain practical and accessible. This investment will help us continue to build the Web3 ecosystem for millions of users from our enterprise partners and enhance our proprietary technology for gasless transactions.
Roy Hui, LightLink CEO and Co-Founder
The expanded seed round saw participation from prominent venture capital (VC) firms such as MH Ventures and NxGen, as well as individual cryptocurrency investors such as Eric Cryptoman and Satoshi Stacker.
It is reported that Right Link records approximately 115,000 transactions per day and has a strategic partnership with the Animoca brand.
Additionally, one of our future plans is the launch of the LL token based on a liquidity bootstrapping pool. This move is designed to ensure equitable distribution and efficient price discovery within the LightLink ecosystem, facilitating instantaneous, gas-free transactions for dapps and enterprises.
The company’s successful seed round comes against the backdrop of renewed interest from VCs in the cryptocurrency space.
Venture capital funding for cryptocurrency projects has increased 38% since the fourth quarter of 2023, according to data compiled by Crypto Koryo.
The number of cryptocurrency projects receiving VC funding also increased by 49%, according to data from Crypto Koryo.
Venture companies such as Andreessen Horowitz, OKX Ventures, and Paradigm led large-scale investment rounds in the first quarter of 2024.
In March alone, cryptocurrency VC funds invested more than $1.1 billion in 180 cryptocurrency startups, with a focus on infrastructure and decentralized finance projects.
This upward momentum in VC funding mirrors trends seen in the fourth quarter of 2023, with observers indicating a positive outlook for continued growth and innovation in the cryptocurrency space.