According to Blockworks, MegaLabs, a real-time blockchain company, has secured $20 million in a seed funding round. The round was backed by Dragonfly and other investors including Figment Capital, Consensys CEO Joseph Lubin, and Jordan Fish, also known as Cobie. Blockworks podcast hosts Santiago Santos and Mert Mumtaz also participated in the round. The funds will be used for the development of MegaETH, a platform capable of streaming transactions at 100,000 transactions per second with millisecond-level responsiveness. MegaETH aims to deliver on the promises of decentralization while matching the experience of best-in-class Web2 apps. The testnet for MegaETH is expected to go live this fall.
In other funding news, Colosseum, a startup accelerator focused on Solana, announced a $60 million raise. The funds will be directed towards early-stage projects. Clay Robbins, co-founder of Colosseum, stated that the mission of the company is to bring more innovative ideas into production and accelerate the growth of the onchain economy.
Other notable funding rounds include a $150 million raise by publicly traded bitcoin miner Hut 8 from Coatue through a convertible note. The firm plans to use the funding to expand its high-performance computing vertical. Infrastructure firm Conduit announced a $37 million raise in a Series A round led by Paradigm and Haun Ventures. Crossover Markets, a trading technology firm focused on crypto, secured $12 million in a Series A round led by Illuminate Financial and DRW Venture Capital.