The Aligned Layer team managed to raise crucial funds amid the ongoing mainstream adoption of Web3 projects to revolutionize the global financial landscape.
Aligned Layer, a universal verification layer for the Ethereum (ETH) network via the EigenLayer, has announced the closure of its Series A funding round with $20 million. According to the announcement, the company’s Series A funding round was led by Hack VC. The company also received tremendous support from DAO5, L2Iterative, FinalityCap, Symbolic VC, Theta Capital, J17, EVG Ventures, Decima fund, and Protagonist, among others.
The strategic funds will be used to further build the necessary infrastructure to enable Ethereum to become a scalable blockchain. Furthermore, the Ethereum network is the leading web3 ecosystem with a vast majority of its TVL already bridged to and from other smart contract-enabled chains through its EVM.
“We believe that by reducing barriers and friction for newcomers, decreasing the proving time, and lowering the costs of on-chain verification, we will unlock unprecedented levels of exploration and innovation within the space,” Aligned Layer noted.
The Aligned Layer team has been conducting a simple testnet working with Cosmos SDK. Furthermore, the Aligned Layer team has aspirations of expanding their services to other blockchains that require affordable validity and zero-knowledge (ZK) proofs.
Having successfully raised more funds, the Aligned Layer team announced that it will be migrating to an EigenLayer testnet in the coming weeks. In the near future, the Aligned Layer team intends to provide a software development kit to aid web3 developers in verifying the results of proofs via any smart contract.
Aligned Layer and the Market Picture
The Aligned Layer’s verification software is built using the most popular smart contract programming languages including Rust and Go. Meanwhile, the company announced that it will share the strategic partnership engaged in the near future in addition to angel investors that have supported its mission.
🟩 A Fully Aligned Round: $20M Series A Round🟩
Aligned Layer is pleased to announce a $20M fundraise led by Hack @hack_vc, with support from @daofive, @l2iterative, @NomadCapital_io, @FinalityCap, @symbolicvc, @theta_bv, @J17Crypto, @EVG_Ventures, @decimafund, GM Ventures,… pic.twitter.com/nL2ykP8tF6
— Aligned Layer (@alignedlayer) April 25, 2024
The Aligned Layer team managed to raise crucial funds amid the ongoing mainstream adoption of Web3 projects to revolutionize the global financial landscape. Furthermore, blockchain technology is expected to tokenize almost all global assets including government bonds, real estate, stocks, and equity indexes among others.
As Coinspeaker previously explained, BlackRock Inc (NYSE: BLK), a global leader in fund management, collaborated with Securitize to launch the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the Ethereum network.
Already, BUIDL has several participants including BitGo, Coinbase Global Inc (NASDAQ: COIN), and Fireblocks, among others.
The need for scalable web3 protocols on the Ethereum network is paramount to enable healthy competition with other blockchains including Solana (SOL), and Toncoin (TON). Furthermore, blockchain decentralization is a process that is achieved over time as more network participants are engaged via on-chain transactions.
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