Blockchain startup LightLink raises $6.2m as cryptocurrency VC activity shifts

The Ethereum layer-2 blockchain LightLink has secured $6.2 million in funding during an extended seed round, with both institutional and individual investors participating. The company stated that no further rounds are planned at the moment. The seed round was extended due to high demand from investors, resulting in an additional $1.7 million being raised. This influx of capital will be used to support LightLink’s vision of a web3 ecosystem accessible to millions and advance proprietary technologies for gasless transactions.

Roy Hui, LightLink’s co-founder and CEO, expressed enthusiasm about the investment and highlighted the company’s commitment to practical blockchain solutions. Prominent venture capital firms such as MH Ventures and NxGen, as well as individual crypto investors, participated in the seed round. LightLink records about 115,000 daily transactions and has a strategic alliance with Animoca Brands. One of its upcoming initiatives is the launch of the LL token, backed by a liquidity bootstrapping pool, to ensure equitable distribution and efficient price discovery within the LightLink ecosystem.

The successful seed round for LightLink comes amid renewed VC interest in the crypto space, with venture capital funding in crypto projects surging by 38% since Q4 2023. Crypto Koryo’s data shows that both the total amount invested and the number of projects receiving VC funding have increased. Major venture firms have led significant investment rounds in the first quarter of 2024, focusing on infrastructure and decentralized finance projects. In March alone, over $1.1 billion was invested across 180 crypto startups by crypto VC funds. This trend indicates a positive outlook for continued growth and innovation in the crypto space, following a similar trend seen in Q4 2023.

Overall, the LightLink seed round success and the broader trend of increased VC funding in the crypto space suggest a growing interest in blockchain technology and decentralized finance projects. The investment in LightLink will help the company continue to build its web3 ecosystem and enhance its proprietary technologies for gasless transactions. As VC interest in crypto projects continues to grow, there is optimism for continued innovation and development in the industry.
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