Sei Labs has raised $5 million to launch a new business-focused blockchain network.
The amount of investment in blockchain networks is increasing with the inclusion of new startups in the ecosystem. Founded by ex-Goldman Sachs employee Jeff Feng and Robinhood employee Jay Joh, Sei Labs aims to create a blockchain network that will speed up DeFi transactions.
Sei Labs’ Goal To Grow Blockchain Network With Investment
According to the news in Bloomberg, the investment by Flow Traders and Hudson River Trading comes as part of a $5 million seed round led by Multicoin Capital.
Coinbase Ventures and GSR are among the other investors of Sei Labs, a particularly commerce-focused blockchain network startup.
It is stated that the Layer-1 blockchain network, which will use the code from the Cosmos blockchain network, can complete transactions in as little as 600 milliseconds. The protocol, prepared by Sei Labs, is expected to launch later this year.
Most of the startup’s engineering team comes from Robinhood’s trade team. Proceeds from the last investment will be used to finance the growth of the network.
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