Scroll is a Layer 2 Ethereum network utilizing zk-rollups technology. As a Layer 2 network, Scroll works by processing transactions off-chain and then porting them back to Ethereum, thus increasing transaction speed and reducing costs. Founded in 2021, Scroll intends to bring Ethereum to a billion users.
The company has closed a $50 million round of funding, bringing its valuation to $1.8 billion. Investors Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures, A&T Capital, and Qiming Ventures participated in the new round. The fresh funding will help to expand the team, develop products, launch the mainnet, and scale the ecosystem.
“Scroll, an open-source tech project working on making Ethereum more useful, is expected to go live in on the Ethereum mainnet this summer,” says Sandy Peng, its co-founder. “We’re now processing 1 million transactions a day,” Peng said. “It takes only three seconds to produce a block. But we plan to increase our throughput by another order of magnitude before we hit the mainnet in June,” she added.