Jayendra Jog, the co-founder of Sei Labs, exclusively informed TechCrunch that Sei, a layer-1 trade blockchain, has received $30 million at a valuation of $800 million.
Sei’s chain concentrates on the crypto trading network, unlike many Layer-1 blockchains. Their staff includes Goldman Sachs, Databricks, Robinhood, Google, and Nvidia alums.
Jog claimed the blockchain’s initiatives include gaming, NFT markets, and rollups. “DeFi and other apps that generate demand from trading.”
Jog said the business acquired funds to find the “appropriate strategic partners, especially going onto mainnet.” He stated that the money would be utilized to grow in Asia-Pacific.
He noted that the blockchain is still in public testnet and would deploy its main net later this year, likely in the second quarter. Blockchains conduct projects on testnets before launching.
“We had adequate runway,” Jog remarked. In August 2022, Sei raised a $5 million seed round to “get the proper set of partners.”
Jump Capital, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures invested in the latest round.
Sei announced a $50 million ecosystem and liquidity fund in September to encourage DeFi apps on its network.
The blockchain features 120+ projects. The business said its latest public test method had 3.6 million unique users and executed 35 million transactions in less than a month in mid-March.
“There will be a lot of crypto-native acceptance, but there need to be more universal and more inclusive apps for wider adoption,” Jog added.
