Ethereum Scaling Company Versatus Labs Raises $2.3 Million in Seed Funding

07/12/2023 08:23

According to Foresight News, Ethereum scaling company Versatus Labs, formerly known as VRRB Labs, has completed a $2.3 million seed funding round at a valuation of $50 million. The round saw participation from investors such as NGC Ventures, Republic Crypto, and Hyperithm. The company is currently developing a 'stateless Rollup' called LASR, which does not maintain the entire state or data but only obtains the 'absolutely necessary data' of transactions and settles it on the base layer. LASR is currently in the alpha stage and is expected to launch on the Ethereum testnet in the first week of January next year. The mainnet is scheduled to launch in mid-March. At present, there are 15 people working at Versatus, and the company plans to maintain a lean team in the near future.

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