Winklevoss Capital invests in SKALE Network’s $17.1m funding round

Tech start-up SKALE has raised $17.1 million in funding for its upcoming network project from a series of investors including Arrington XRP Capital, Winklevoss Capital, Blockchange, ConsenSys Labs, Hashed, HashKey, Multicoin Capital, and Recruit Holdings.

Jack O’Holleran, CEO of SKALE Labs, said: “SKALE’s recent financing round brings the total number of VCs and prominent angels to over 40 investors spanning the US, EU, China, Japan, Korea, Hong Kong, and Singapore. This will yield over 750 Nodes live at Network Launch which can support up to 6,000 independent SKALE Chains.”

The SKALE Network will allow developers to provision highly configurable virtualised chains with instant compatibility with Ethereum.

With SKALE, dApps can deploy their own blockchain and can configure it to their business requirements whether they are building a game or DeFi application.

“SKALE is focused on delivering the high-performance and usability advantages of sidechains with the pooled security guarantees of larger public chains through elements typically found in sharded layer-1 solutions,” said CTO Konstantin Kladko.

“The key components are cryptographically provable randomness powered by BLS signatures, node rotation mechanisms that prevent collusion, and creating incentive structures that promote security and high-performance of the network.”