Sei Labs Raises $30M to Build the Layer 1 for Trading

Globe NewswireApril 12, 20233 min

Sei Labs announced today that it has raised $30M in two strategic funding rounds from investors including Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures.

Sei Labs is a contributor to the open-source Sei blockchain, the fastest Layer 1 blockchain for trading. Sei’s unique chain-level optimizations enable decentralized exchanges and trading apps to offer the best user experience with modern performance and scalability.

The funds from this round will play an integral role in accelerating Sei Labs’ continued growth and will help deepen its presence in the Asia-Pacific region. This expansion will allow Sei to further cement its presence as the fastest Layer 1 for trading and globally promote the development of the digital asset ecosystem.

“Infrastructure and applications historically come in cycles – Ethereum and the last generation of public blockchains led to a Cambrian explosion of new decentralized apps over the past two years. Among those apps, exchanges and trading have achieved the clearest product-market-fit, but are held back by outdated Layer 1 blockchains. Our mission at Sei is to build the best infrastructure for trading,” said Jayendra Jog, Co-Founder of Sei Labs. “This funding will accelerate our efforts to unlock the next cycle of new applications in Web3, enabling developers to build apps that are orders of magnitude more performant than before.”

Sei has shown remarkable growth during its development phase. There are more than 120 teams deploying on Sei ahead of mainnet, indicating strong developer excitement and support. In addition, Sei’s latest public testnet, which went live on March 13th, has attracted over 3.6 million unique users and processed over 35 million transactions, in less than a month.

Jog concluded: “We already had ample runway, so the primary goal of this capital raise was to get the right strategic partners around the table, and we’re elated with the crew that we were able to lock in.”

Globe Newswire

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