Blockchain startup LightLink has successfully raised $6.2 million in funding during an extended seed round for its Ethereum layer-2 blockchain platform.
Both institutional investors and individual backers participated in the funding effort, demonstrating widespread interest in LightLink’s vision for the future of blockchain technology.
In a recent social media post on April 6, the company announced that it had no immediate plans for further funding rounds, indicating confidence in its current financial position.
The decision to extend the seed round was prompted by overwhelming demand from investors, resulting in an additional $1.7 million being raised beyond the initial target.
LightLink intends to utilize this influx of capital to advance its mission of creating a web3 ecosystem that is accessible to millions of users. Additionally, the funding will support the development of proprietary technologies aimed at enabling gasless transactions.
Roy Hui, the co-founder and CEO of LightLink, expressed his excitement about the investment, emphasizing the company’s dedication to delivering practical blockchain solutions.
The extended seed round attracted participation from prominent venture capital firms such as MH Ventures and NxGen, as well as contributions from individual crypto investors like Eric Cryptoman and Satoshi Stacker.
LightLink has gained significant traction, boasting approximately 115,000 daily transactions and forging strategic partnerships, including one with Animoca Brands.
Among its upcoming initiatives is the launch of the LL token, which will be backed by a liquidity bootstrapping pool. This move is designed to ensure fair distribution and efficient price discovery within the LightLink ecosystem, facilitating instant, gasless transactions for decentralized applications (dapps) and enterprises.
The success of LightLink’s seed round comes amid a resurgence of venture capital interest in the cryptocurrency space. Data from Crypto Koryo shows a 38% increase in VC funding for crypto projects since Q4 2023, with a corresponding 49% rise in the number of projects receiving funding.
Leading venture firms like Andreessen Horowitz, OKX Ventures, and Paradigm have spearheaded major investment rounds in the first quarter of 2024. In March alone, over $1.1 billion was invested across 180 crypto startups, with a particular focus on infrastructure and decentralized finance projects.
This uptick in VC funding mirrors the trend observed in the fourth quarter of 2023, signaling a positive outlook for continued growth and innovation in the crypto space.
