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Matter Labs raises $50M to build EVM-compatible zk-rollups
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Matter Labs has announced a major new funding round to further develop the second version of its Ethereum-based rollups, zkSync.
On Nov. 9, Matter Labs announced it had secured $50 million in a Series B round led by Andreessen Horowitz and included participation from existing investors Placeholder and Dragonfly Capital. The new round follows Matter Labs’ $6 million Series A in February, and saw participation from many new investors including Crypto.com, ConsenSys, and OKEx.
The new cash injection will be channeled into further developing zkSync v2, the firm’s second-layer rollups solution for Ethereum that is currently focussed on facilitating low-cost payments.
Rollups are a second-layer scaling solution that “rolls up” transactions data in
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