Layer 1 Sei Raises $30 Million To Help Deepen Its Presence In The APAC

Key Points:

• Sei Labs has secured $30 million in two rounds of strategic fundraising.
• Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures were among the investors in the rounds.
• The fund will aid Sei Labs’ development, including a greater presence in the Asia-Pacific area.

Sei, a Layer1 blockchain built on Cosmos, announced a $30 million funding round with an $800 million valuation, including participation from Multicoin Capital, Jump Capital, Distributed Global, and others.

Sei Labs contributes to the open-source Sei blockchain, the quickest Layer 1 trade blockchain. Its one-of-a-kind chain-level optimizations allow decentralized exchanges and trading applications to provide the greatest user experience while maintaining current speed and scalability.

The cash obtained will be utilized to assist Sei in acquiring key partners and expanding its position in the Asia-Pacific region.

This expansion will enable the blockchain to further solidify its position as the quickest Layer 1 for trading and to facilitate the worldwide growth of the digital asset ecosystem.

Sei Labs Co-Founder Jayendra Jog stated:

“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.”

According to Jog, the company sought cash to find “the right strategic partners around the table.” He also said that the funds would be utilized to grow the company’s footprint in the Asia-Pacific area.

In less than a month, the Layer 1 newest public testnet, which went online on March 13, received over 3.6 million unique users and executed over 35 million transactions.

Sei has a central limit order book (CLOB) that may be used to build decentralized applications. Other Cosmos-based blockchains may use its CLOB as a shared liquidity hub, allowing them to develop markets for any asset. The blockchain is already available on the public testnet, with the mainnet planned to debut in Q2 of this year.

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