According to Blockworks, MegaLabs raised $20 million in a seed round of financing supported by Dragonfly, which will be used to develop MegaETH. Other investors include Figment Capital and Consensys CEO Joseph Lubin, as well as Jordan Fish (also known as Cobie). According to the press release, MegaETH is capable of transactions at a rate of 100,000 transactions per second, with response times in milliseconds. "Creating a super-scalable EVM implementation is a key prerequisite for truly scaling Ethereum," Vitalik Buterin said in a statement shared on Telegram. "I'm very happy to see excellent developers take on this challenge." MegaETH's testnet is scheduled to go live this fall.
Additionally, Colosseum, a startup accelerator focused on Solana, announced it raised $60 million, which will be used for early-stage projects. Hut 8, a publicly traded Bitcoin miner, raised $150 million in convertible notes from Coatue. Conduit, an infrastructure company, announced it raised $37 million in a Series A round led by Paradigm and Haun Ventures. Crossover Markets, a cryptocurrency-focused trading technology company, raised $12 million in a Series A round led by Illuminate Financial and DRW Venture Capital.