Skale Network Secures $17.1 Million in Recent Funding Round for Mainnet Launch

A Promising Future for Skale Network

The Skale Network, a trailblazer in the decentralized Ethereum-compatible space, has recently completed a substantial funding round amounting to $17.1 million. This financial boost is aimed at facilitating its long-awaited mainnet launch, ensuring that developers have the tools they need to build efficiently and effectively.

A Diverse Investor Base

With support from more than 40 global investors, including heavyweights like the Liechtenstein Node Foundation and Skale Labs based in the U.S., the Skale Network is poised for impressive expansion. These investors come from a variety of regions including the U.S., EU, Japan, Korea, Hong Kong, and Singapore, showcasing a solid international backing. Noteworthy names in this funding mix include Arrington XRP, ConsenSys Labs, Winklevoss Capital, and Multicoin Capital, all of whom are keen on witnessing the network’s growth.

From Initial Funding to Current Success

Flashback to 2018 when Skale Labs originally raised $9.65 million to kickstart this ambitious initiative. The company’s early vision was pioneering, claiming that Skale would be the first to run Ethereum Virtual Machine (EVM) on a Plasma chain. Fast forward to today, and their aspirations have not only been realized but expanded significantly.

What Makes Skale Stand Out?

Skale Network isn’t just another blockchain project; it’s a fully permissionless, open-source, peer-to-peer platform that harnesses the power of its unique utility token. By staking Skale tokens, decentralized applications can thrive with the backup of dedicated validator nodes. Here are some key features:

• Sub-second block execution times.
• The ability to handle over 2,000 transactions per second on each chain.
• Support for full-state smart contracts alongside decentralized storage and machine learning functionalities.

Developers Rejoice!

In August 2019, Skale Labs introduced its Fuji DevNet, a decentralized developer network run by a global community of validators, including prominent names such as Blockware and Certus.One. This move was aimed at empowering developers with the resources they need to innovate at unprecedented speeds and efficiency.