In a seed fundraising round headed by Polychain Capital, Breyer Capital, and Jump Crypto, Singapore-based blockchain startup AltLayer secured US $7.2 million. Balaji Srinivasan, a former general partner of Andreessen Horowitz and CTO of Coinbase, participated in the financing.
Since its launch a year ago, AltLayer has assisted blockchain app developers in setting up a temporary layer to resist traffic spikes, such as those that occur during coin-mining events. These programmers can create a rollup protected by a Layer 1 protocol (like Ethereum) and remove it once the traffic is back to normal.
Companies that are creating metaverse projects, blockchain-based games, and NFTs can leverage the company’s solutions.
Yaoqi Jia, a co-founder of the blockchain company Zilliqa and a previous director of Parity Asia, founded AltLayer. In addition to raising series A capital in Q3 or Q4 of 2022, the company plans to introduce a testnet in the third quarter of this year.
The company intends to utilize the additional funds to hire more people.
