Espresso Systems Raises $28M for Ethereum Scalability
Espresso Systems, a startup specializing in Ethereum scalability, has secured $28 million in a Series B funding round. Andreessen Horowitz (a16z crypto) led the investment, with other notable participants including P2 Ventures, Taiko, O(1)Labs, Starkware, and Offchain Labs.
Espresso Systems aims to scale its solution across the entire Ethereum validator network, ensuring reliable transaction processing on the base layer (L1). The company's shared sequencer protocol enables Web3 applications to achieve scalability without compromising decentralization and security.
Espresso offers scaling and privacy systems for Ethereum Virtual Machine-compatible Web3 apps. Its goal is to provide a comprehensive solution for rollups, enhancing safety, liveness, and interoperability while preserving sovereignty and autonomy.
The company plans to use the funds to speed up product development, grow its ecosystem, and expand its team.
Espresso Systems, backed by prominent investors, is developing a marketplace for shared sequencing. This will allow rollups to sell block-building rights to proposers, further advancing Ethereum's scalability and usability.
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