Offchain Labs, a NYC-based provider of scaling solutions for Ethereum, raised $120M in Series B funding.
The round was led by Lightspeed Venture Partners with participation from Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban and others. Ravi Mhatre from Lightspeed has joined Offchain Labs’ board with this round.
The company will use the new funding to scale the team, further develop the Arbitrum One ecosystem, build out new scaling solutions in its pipeline and invest in R&D.
Co-founded by Ed Felten, Steven Goldfeder and Harry Kalodner, Offchain Labs also announced that its Arbitrum One mainnet has opened to the public. Arbitrum is a Layer 2 solution for the Ethereum network that is developer-friendly and has a broad ecosystem of support. Since Arbitrum One’s beta launch for developers in May, the platform, which allows Ethereum users to transact with very low fees, has had over 350 projects sign up for access.