Taiko Labs raises $22M for its Type 1 ZK-EVM

Taiko Labsa startup that builds a layer2 ZK-EVM equivalent to Ethereumhas collected 22 million dollars from Sequoia China, OKX, GSR and others.

Founded in 2022 in Hong Kong, Taiko Labs develops a ZK-EVM type 1 aimed at offering maximum compatibility with Ethereum. The ambition: to provide developers an experience comparable to the ETH blockchain.

On Thursday, the start-up declared that it had raised 22 million dollars in two separate rounds of financing led respectively by Sequoia China and Generative Ventures.

GSR Markets, IOSG Ventures, Kucoin Ventures, Mirana Ventures, OKX Ventures and Token Bay Capital also took part in the fundraising, according to the press release.

Thanks to recent advances in ZKP algorithms, hardware acceleration and industry-leading research, we believe we are now on the verge of having a truly decentralized Ethereum-equivalent ZK deployment,” proclaimed company boss Daniel Wang.

Taiko Labs, which estimates that a developer experience equivalent to Ethereum is “primordial” for the success of an layer 2 solutionat the same time announced the launch of the alpha-3 testnet version of its ZK-EVM.

“This marks an important step in our journey towards a decentralized ZK-EVM equivalent to Ethereum. This testnet will be essential for testing a large part of the network’s design and components”, wrote l2 on Twitter.

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