Shifting cryptocurrency VC activity sees LightLink, a blockchain startup, secure $6.2m in funding.
LightLink, an Ethereum layer-2 blockchain platform, has successfully secured $6.2 million in funding during an extended seed round. Both institutional and individual investors participated in this effort, demonstrating the high demand for LightLink. The company expressed its satisfaction with the funding and stated that no further rounds are planned at the moment. The additional funding of $1.7 million will be used to support LightLink’s vision of creating a web3 ecosystem that is accessible to millions of users while advancing proprietary technologies for gasless transactions.
LightLink’s co-founder and CEO, Roy Hui, expressed his enthusiasm about the investment and emphasized the company’s commitment to practical blockchain solutions. The extended seed round attracted participation from prominent venture capital firms such as MH Ventures and NxGen, as well as individual crypto investors like Eric Cryptoman and Satoshi Stacker. LightLink reportedly records approximately 115,000 daily transactions and has a strategic alliance with Animoca Brands.
One of LightLink’s upcoming initiatives is the launch of its LL token, which will be backed by a liquidity bootstrapping pool. This move aims to ensure fair distribution and efficient price discovery within the LightLink ecosystem, which facilitates instant, gasless transactions for decentralized applications (dapps) and enterprises.
This successful seed round for LightLink aligns with the renewed interest from venture capital firms in the crypto space. According to data from Crypto Koryo, venture capital funding in crypto projects has surged by 38% since Q4 2023, and the number of crypto projects receiving VC funding has increased by 49%. Major investment rounds in the first quarter of 2024 were led by venture firms such as Andreessen Horowitz, OKX Ventures, and Paradigm. In March alone, crypto VC funds invested over $1.1 billion across 180 crypto startups, with a focus on infrastructure and decentralized finance projects.
This increase in VC funding reflects the positive outlook for continued growth and innovation in the crypto space, as observed in the fourth quarter of 2023. LightLink’s successful funding round further contributes to this trend, highlighting the potential for further advancements in the industry.
