Winklevoss Capital, Arrington XRP Capital, ConsenSys Labs And Others Invest $17.1M In SKALE Network


A blockchain scalability solution called the Skale Network has recently raised $17.1 million USD for the launch of it's mainnet platform. The solution, which is compatible with Ethereum blockchain, is said to be “Ethereum’s best shot” at beating other similar platforms.

The $17.1 million USD come from Skale Labs, which donated $10 million, and a round of investment from several companies. These venture capital firms included Blockchange, Multicoin Capital, Arrington XRP Capital, Hashed, HashKey, Winklevoss Capital, Recruit Holdings and others.

According to CEO Jack O’Holleran, the company may raise even more money as the transactions are still receiving final accounting adjustments and some assets are still being transferred to the company.

Kyle Samani, the managing partner of Multicoin Capital, affirmed that the company has grown a lot in all aspects recently. His company was impressed by their strategy and recent evolution and he believes that most Ethereum smart contracts will use Skale in the future.

Skale Network To Help Ethereum

One of the main uses of Skale, which is open source, is that it is compatible with Ethereum. The goal of the project is to allow smart contract developers to create highly customizable contracts. Because of this, it's founders believe that it may be important for Ethereum’s future. O’Holleran affirmed that helping Ethereum developers to scale their apps is at the center of the project.

At the moment, there are 23 different apps on the platform which are compatible with the second-largest blockchain network in the market and, if it depends on O’Holleran, the number will get bigger.

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