Offchain Labs, the company behind ETH layer 2 scaling solution, valued at $1.2B after Series B funding round

Offchain Labs, the company behind layer 2 scaling solution Arbitrum One, raised $120 million in Series B funding led by Lightspeed Venture Partners, they reported in a press release on Tuesday. Offchain added that they were worth $1.2 billion after this funding round, in which Ribbit Capital, Redpoint Ventures, Mark Cuban, Polychain Capital, Pantera Capital, Alameda Research, and other high-profile investors took part. The funding will be used to develop enhanced scaling solutions for Ethereum (ETH/USD).

Arbitrum One allows Ethereum users to transact with very low fees

Arbitrum One is a developer-friendly Layer 2 solution for the Ethereum network with a vast support ecosystem. Since its beta launch for developers in the spring of this year, more than 350 projects signed up for access to the platform, which minimizes transaction fees paid by Ethereum users. The platform was built in response to a pressing need to scale the crypto with the second-highest market cap without compromising on its security as the base layer.

Amy Wu, Partner at Lightspeed, commented:

Steven Goldfeder, co-founder and CEO of Offchain Labs, added:

Reddit chose Arbitrum as its scaling solution for its Ethereum-based Community Points system. At the time, a Reddit administrator said:

With EVM compatibility, it’s possible to deploy projects without changing contract code. Offchain Labs’ Arbitrum One mainnet became publicly accessible on August 31.