Ethereum L2 Scroll reaches $1.8 billion valuation in new funding round: Source

Ethereum L2 Scroll reaches $1.8 billion valuation in new funding round: Source

Scroll, an Ethereum Layer 2 network that uses zk-rollups technology, raised $50 million in a new funding round. Investors in the round included Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming Venture Partners, Scroll said Monday. Scroll declined to comment on the valuation and the structure of the round, but a source with direct knowledge of the matter told The Block that the round brings Scroll’s valuation to $1.8 billion. Scroll was founded in 2021 with the vision of scaling Ethereum to a billion users. As a Layer 2 network, Scroll processes transactions off Ethereum on its own network and then ports the transaction data back to Ethereum — helping increase transaction speed and reduce costs. Scroll previously raised $33 million in two funding rounds and hadn’t disclosed its valuation then. The new round brings Scroll’s total funding to date to $83 million.