Matter Labs Closed $50 Million Series B Financing Led by a16z

TokenInsight news, Matter Labs, the company behind the Ethernet Layer 2 scaling protocol zkSync, has closed a $50 million Series B round of funding led by a16z, with participation from Dragonfly, Placeholder, 1kx, Blockchain.com, Crypto.com, Consensys and others. Crypto.com, Consensys, and others. The funds raised will be used to expand its team and grow the business. zkSync is a zero-knowledge proof Layer2 scaling solution developed by the team at Matter Labs, a pioneer in zero-knowledge proof technology for Ether, which pioneered recursive ZK proofs on Ethereum and created the world's first practical FPGA-based ZKP acceleration hardware in 2020.