Developer zkSync Matter Labs Promises To Open-Sourcing Platform After Raising

The parent firm of the Ethereum scaling protocol zkSync, Matter Labs, has secured a $200 million Series C round of funding.

According to a release, the investment was led by Blockchain Capital and Dragonfly, with participation from LightSpeed Venture Partners, Variant, and Andreessen Horowitz, who had previously led the $50 million Series B round. Matter Labs withheld the price tag.

The money raised in its Series C round will be used to launch first-party projects created by Matter Labs, expand the staff, and finance projects created by other parties. Additionally, it will be utilized to launch Matter University, which will serve as its user and builder onboarding and education platform.

This raise occurs as the impact of FTX and Alameda continues to have a negative impact on the cryptocurrency markets, creating a period of market uncertainty.

Matter Labs’ total financing now stands at $458 million. According to Matter Labs, this most recent fundraising round will provide it enough runway to assure that cash flow won’t be a problem as it focuses on creating its ecosystem and producing fresh, early-stage products.

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