Ethereum scaling project Scroll completes $50 million in financing

According to The Block, ZK Rollup-based Ethereum’s second-tier network Scroll has completed $50 million in financing. Participating investors include Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming venture capital. This round of financing will be used for product development, launching the mainnet and expanding the ecology, and plans to increase the team size from 60 to nearly 100. According to sources, Scroll is valued at $1.8 billion in this round of financing. According to Scroll co-founder Sandy Peng, the Scroll mainnet is expected to launch in the next three to four months.