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Ethereum’s SKALE Network to build a strong developer community using $17.1 million funding

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Ethereum's SKALE Network to building a strong developer community using $17.1 million funding

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One of Ethereum’s most awaited project, the SKALE Network raised $17.1 million in funding. The Ethereum scaling project, which is supported by SKALE Labs and the Liechtenstein-based NODE Foundation, raised $17.1 million in fresh funding for speeding up the network’s mainnet launch. According to the source,

“The investment is contributed by SKALE Labs as well as global venture firms, including Winklevoss Capital, Arrington XRP Capital, Blockchange, ConsenSys Labs and Multicoin Capital from the U.S., and from Asia – Hashed (Korea), HashKey (Hong Kong), and Recruit Holdings (Japan).”

Jack O’Holleran, SKALE Labs CEO mentioned that the funding was conducted via a Simple Agreement for Future Tokens (SAFT) sale, which had also helped the company raise $10 million in a SAFT sale in 2018. O’Holleran further confirmed that “the mainnet will be ready for launch in late Q4 and will be released at the time or early Q1. Specific details will be announced later this month or early November.”

While SKALE currently holds a team of 20 engineers, the company intends to invest the funding towards engineering efforts and building a strong developer community in addition to driving awareness of the network and increasing security. Speaking about the future roadmap of the company, O’Holleran said,

“A public sale will be launched later this year with the goal of getting greater reach and decentralization of tokens to more individuals who can contribute, delegate, and use the network.”

 


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Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem
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