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Classified in: Science and technology, Business
Subject: VEN

OKX Ventures Joins US$50 Million Series A Investment in Eclipse, Ethereum's First Layer 2 Using the Solana Virtual Machine (SVM)


SINGAPORE, March 12, 2024 /PRNewswire/ -- OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced its participation in a US$50 million Series A funding round for Eclipse, a pioneering Ethereum Layer 2 solution utilizing the Solana Virtual Machine (SVM).

Eclipse is committed to offering a Layer 2 that excels in speed, security and scalability, promising an environment where powerful applications can seamlessly interact among millions of users.

Eclipse Labs Founder Neel Somani said: "Eclipse aims to be the quickest Layer 2 on Ethereum, leveraging the most efficient components of the available modular stack. To cater to 99% of use cases, Ethereum requires a single, scalable and composable Layer 2. While other Layer 2 ecosystems have focused on full EVM compatibility, this has resulted in a fragmented and slow Layer 2 landscape. Eclipse fuses the high-performance SVM with Ethereum's vast liquidity pools, ensuring verifiability."

OKX Ventures Founder Dora Yue said: "Eclipse stands out for its unique approach that empowers builders and users alike, and enables developers and users to creatively piece together DApps and protocols. In addition, Eclipse excels in providing a platform for builders to thrive, resulting in an enhanced user experience. Users can also easily provide transaction feedback, trusting the Ethereum-backed SVM. At OKX Ventures, we're committed to supporting user-friendly and innovative projects."

For further information, please contact:
[email protected] 

About OKX Ventures

OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.

Disclaimer

SOURCE OKX Ventures


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