Taiko, a layer 2 scaling solution provider for the Ethereum Blockchain, has raised $15 million in a series A funding round, adding to the growing amount of investment allocations to crypto projects from venture-capital firms.
The fundraise was led by Lightspeed Faction, Hashed, Generative Ventures and Token Bay Capital, according to a press release. Other investors in the round included Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR and WW Ventures. The latest round brings Taiko's total fundraising across three rounds to $37 million.
Taiko says it provides an "Ethereum-equivalent ZK rollup" – described by Ethereum co-founder Vitalik Buterin in a 2022 post as the holy grail of technological achievement for these scaling networks. A "rollup" is a term for a layer-2 chain, which acts like an auxiliary network to provide faster and cheaper transactions that can then be settled to a main or "base" blockchain like Ethereum. The "ZK" refers to "zero-knowledge" cryptography, a hot trend in blockchain design.
