LightLink, an Ethereum layer-2 blockchain, has successfully secured $6.2 million in funding through an extended seed round. Both institutional and individual investors took part in the funding effort. In a recent social media post on Saturday, April 6, the company announced that there are no further rounds planned for now.
Due to overwhelming demand from investors, LightLink decided to extend the seed round, resulting in an additional $1.7 million being raised. The company intends to utilize this capital influx to realize its vision of creating a web3 ecosystem that is accessible to millions, while also advancing its proprietary technologies for gasless transactions.
Roy Hui, the co-founder and CEO of LightLink, expressed his excitement about the investment and emphasized the company’s dedication to practical blockchain solutions. Prominent venture capital firms like MH Ventures and NxGen, as well as individual crypto investors including Eric Cryptoman and Satoshi Stacker, participated in the extended seed round.
LightLink reportedly handles around 115,000 daily transactions and has formed a strategic partnership with Animoca Brands. Among its upcoming projects is the launch of its LL token, which will be supported by a liquidity bootstrapping pool. This initiative aims to ensure fair distribution and efficient price discovery within the LightLink ecosystem, which facilitates instant, gasless transactions for dapps and enterprises.
The successful seed round for LightLink comes at a time when there is renewed interest from venture capital firms in the crypto space. Data from Crypto Koryo shows that venture capital funding in crypto projects has increased by 38% since Q4 2023, with a 49% rise in the number of crypto projects receiving VC funding. Major investment rounds in the first quarter of 2024 were led by firms such as Andreessen Horowitz, OKX Ventures, and Paradigm.
In March alone, crypto VC funds invested over $1.1 billion in 180 crypto startups, with a focus on infrastructure and decentralized finance projects. This surge in VC funding reflects a positive trend observed in the fourth quarter of 2023, indicating a promising outlook for growth and innovation in the crypto space.