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Sei Labs, a leading contributor to the open-source Sei blockchain, has announced a raise of $30 million in two strategic funding rounds from investors including Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures.
"The funding round will enable Sei Labs to further solidify its presence in the Asia-Pacific region, where there is a growing demand for innovative blockchain solutions," the company said in an announcement this week.
Sei Labs is known for its work on the Sei blockchain, which offers chain-level optimizations for decentralized exchanges and trading apps, aiming at performance and scalability.
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"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 Among those apps, exchanges and trading have achieved the clearest product-market-fit but are held back by outdated Layer 1 blockchains.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," Jayendra Jog, co-founder of Sei Labs, said.
Asia opportunities
Sei said that it aims to tap into the vast market opportunities in the region and provide cutting-edge trading infrastructure to meet the needs of the rapidly evolving digital asset landscape.
Sei noted its significant growth during its development phase, with over 120 teams already deploying on Sei ahead of mainnet launch, indicating strong developer support and excitement. Furthermore, Sei's latest public testnet, which went live on March 13th, has already attracted over 3.6 million unique users and processed over 35 million transactions in less than a month, showcasing the robustness and scalability of the Sei blockchain, the company said.
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"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," added Jog.
With the additional funding and strategic partnerships in place, Sei Labs is well-positioned to further enhance its offerings and drive its expansion plans in the Asia-Pacific region.
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