Connect with us

Adoption

O(1) Labs raises $10.9 million from Asia based firms

Published

on

Image Source: Pixabay

 San Francisco-based software development firm O(1) Labs, that introduced a portable blockchain, Mina protocol has announced today that it has raised $10.9 million in a strategic investment round from Hong Kong-based Bixin Ventures, and Three Arrows Capital, with both firms co-leading the funding. Other participants that were involved from the Asian markets included SNZ, HashKey Capital, Signum Capital, NGC Ventures, Fenbushi Capital, and IOSG Ventures, among others.

This follows a previous seed round during which O(1) Labs had raised $3.5 million in May of 2018, and $15 million from its series A round, the following year, from investors such as Polychain, Paradigm, Coinbase Ventures, General Catalyst, Naval Ravikant, and others.

CEO and Co-Founder of O(1) Labs, Evan Shapiro believed that this investment from the aforementioned partners would allow the further adoption of the firm’s Mina protocol within Asia. Dubbed as a “lightweight” blockchain, Mina uses advanced cryptography and zero knowledge proof system, zk-SNARKs to to condense the blockchain into a fixed size.

More specifically, O(1) claimed that the entire blockchain could be kept at a 22kb size, or “the size of a few tweets,” which would allow “anyone with a smartphone” to build on the protocol. According to O(1) Labs, Mina, which is decentralized with an open-programmable currency, enables faster syncing and verifying the chain. 

WangXi who is a partner at the Hong Kong-based bitcoin mining and wallet provider Bixin Ventures, said that Mina protocol would help in optimizing scalability and decentralization for Web 3.0, especially since it works on zero-knowledge proofs.  

Mina which was formerly named Coda is yet to launch on mainnet. Last month O1 had been in a dispute with R3, a software blockchain, which alleged that O1’s project named ‘Coda’ sounded similar to R3’s Corda blockchain, following which the firm changed its project’s name to Mina. 

Where to Invest?

Subscribe to our newsletter

Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *