Ethereum Layer 2 LightLink Raises $4.5 Million in Funding to Drive Gasless Transactions
Posted: February 6, 2024 10:53 AM Updated: February 6, 2024 10:53 AM
Correction and fact check date: February 6, 2024, 10:53 AM
briefly
LightLink has raised $4.5 million in funding to expand its dApp suite and provide users with instant gas-free cryptocurrency trading.
LightLink, an Ethereum layer 2 blockchain, has a $4.5 million seed round led by real estate developer MQDC, entertainment technology and media conglomerate T&B Media Global, and Web3 venture capital firms such as JellyC, Aweh Ventures, B3V, Blue7, Organik, and Big Kid Ventures. The funding round has been completed. Gandel Invest, etc.
Developed by blockchain platform Pellar Technologies, LightLink allows decentralized applications (dApps) and enterprises to provide users with instant, gas-free transactions. The company is one of the top ten blockchain rollups in terms of transaction volume, achieving 5,712 transactions per second with a fast processing time of 500ms. The layer 2 scaling solution recently surpassed 215,000 unique wallet addresses and is now live on-chain.
“We aim to connect the digital economy with millions of users around the world. The funding we received focused on gasless transactions and making blockchain as intuitive as traditional web platforms,” said Roy Hui, co-founder and CEO of LightLink.
Roy Hui has facilitated the realization of this vision through collaboration with a seasoned team of experienced blockchain engineers and Ethereum experts.
The company boasts a notable track record, having previously partnered with two leading seed round investors to develop Translucia. This multiverse project, backed by $300 million in funding from T&B Media Global and MQDC, unites the virtual and physical realms.
For Translucia, LightLink facilitated fast, commission-free transactions, making it more accessible to users familiar with existing Web2 platforms and eliminating the complexities typically associated with Web3 projects that require significant computing power.
“This collaboration represents an ideal match, fueled by our shared goal of building an interconnected, user-friendly digital world that spreads happiness globally. We strongly believe that this is an important step towards democratizing digital technology and we want to introduce the capabilities of Web3 to Web2 users,” said Dr. Jwanwat Ahriyavraromp, CEO of T&B Media Global and founder of Translucia.
LightLink accelerates the development of the Animoca brand
The success of LightLink’s seed funding round follows its recent partnership with Animoca Brands, a metaverse and gaming software company and venture capital firm that aims to integrate LightLink’s Ethereum Layer 2 technology into Animoca Brands’ gaming projects to advance the Web3 gaming industry. It’s all about cooperation.
Animoca Brands plans to use LightLink’s proprietary Enterprise Mode to facilitate gasless transactions, enabling transactions with fees as low as $0.01 across the network.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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