Sei Labs Raises $30M in Funding to Develop Layer 1 Blockchain for Trading

A few weeks after launching the public mainnet of its open-source Sei blockchain, Sei Labs, a core contributor to the layer 1 blockchain has just disclosed its latest funding of $30 million in two strategic funding rounds backed by large investors such as Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures.

Developing A Layer 1 For Trading

According to the announcement, the funding will go a long way in the further development of the Sei blockchain as well as the continuous growth of Sei Labs and deepening its presence in the Asia-Pacific region.

Sei Labs stated in the announcement, “This expansion will allow Sei to further cement its presence as the fastest Layer 1 for trading and globally promote the development of the digital asset ecosystem.”

Jayendra Jog, Co-Founder of Sei Labs added,

“Infrastructure and applications historically come in cycles – Ethereum and the last generation of public blockchains led to a Cambrian explosion of new decentralized apps over the past two years. Among those apps, exchanges, and trading have achieved the clearest product-market-fit, but are held back by outdated Layer 1 blockchains.”

According to Jog, Sei Labs’ mission remain to be building the infrastructure for trading. “This funding will accelerate our efforts to unlock the next cycle of new applications in Web3, enabling developers to build apps that are orders of magnitude more performant than before.”

So far, Sei has grown in development amassing more than 120 teams deploying on Sei ahead of mainnet. The blockchain has attracted millions of users and has processed over 35 million transactions in less than a month.

At the end of the note, Jog noted, “We [Sei Labs] already had ample runway, so the primary goal of this capital raise was to get the right strategic partners around the table, and we’re elated with the crew that we were able to lock in.”