Sei Blockchain Raises $30M, Achieves $800M Valuation
Blockchain company Sei has raised $30 million at an $800 million valuation, according to a TechCrunch interview with Sei Labs co-founder Jayendra Jog. Sei is a layer-1 blockchain that focuses on the trading network and has a team composed of former employees from Goldman Sachs, Databricks, Robinhood, Google, and Nvidia.
Layer1 blockchain Sei raised $30 million at a valuation of $800 million, with participation from Jump Capital and Multicoin Capital. Sei is still in the public testnet phase with a possible mainnet launch in Q2. https://t.co/nZ5atUaZuF
— Wu Blockchain (@WuBlockchain) April 11, 2023
Sei Blockchain
While many other Layer-1 blockchains provide general-purpose networks, Sei is specifically geared toward the crypto trading network. The company aims to provide the best infrastructure for exchanges, but also has projects focused on NFT marketplaces, rollups, and games. Jog stated that the funding was raised to secure the right strategic partners, particularly ahead of the mainnet launch, and to expand Sei’s presence in the Asia-Pacific region. The company is still in the public testnet phase but plans to launch its mainnet later this year, hopefully in Q2.
Investors in this round include Jump Capital, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures. The company had previously raised a $5 million seed round in August 2022, and in September, Sei launched a $50 million ecosystem and liquidity fund to support new DeFi applications on its platform.
Sei’s Public Testnet
Sei’s latest public testnet attracted approximately 3.6 million unique users and processed over 35 million transactions in less than a month in mid-March. The blockchain currently has over 120 projects building on it.
According to Jog, there will be a lot of crypto-native adoption, but for greater adoption to occur, there must be more general and inclusive applications. Sei’s focus on the trading network could give it an edge in this regard.
Sei’s recent fundraising success demonstrates the continued growth and interest in blockchain technology. As the company moves toward its mainnet launch, it will be interesting to see how it progresses and what impact it has on the blockchain space.
