Coindesk Logo

Andreessen Horowitz Leads $25M Round in Ethereum Scaling Solution

Andreessen Horowitz Leads $25M Round in Ethereum Scaling Solution

Andreessen Horowitz Leads $25M Round in Ethereum Scaling Solution

The titan of Silicon Valley VC is leading a major round in Optimism.

The titan of Silicon Valley VC is leading a major round in Optimism.

The titan of Silicon Valley VC is leading a major round in Optimism.

AccessTimeIconFeb 24, 2021, 9:18 PM
Updated May 15, 2023, 1:39 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Ethereum scaling solution Optimism will launch its mainnet this coming month after announcing a major investment from Andreessen Horowitz (a16z) that closed in November.

"We've spent a great deal of time looking at various approaches and teams building Layer 2s, and today we're thrilled to announce we are leading a $25 million Series A investment in Optimism," a16z's Chris Dixon and Arianna Simpson wrote Wednesday. "Optimism's exceptional team, carefully designed developer experience, major scaling benefits, years of research and testing, and full composability made it the obvious choice."

Optimism is among a small cohort of firms looking to boost Ethereum's famously choked throughput. The startup was initially planning on rolling out a testnet in March, although decentralized finance (DeFi) exchange Synthetix already began on-boarding the tech stack in January.

"As a result of being able to hire this kind of talent, we will be launching arbitrary contract deployment on mainnet in March instead of public testnet," Optimism said in blog post Wednesday. The startup added seven new members to the team as well, including talent from Coinbase, Handshake and Casa.

Earlier today, DeFi venue dYdX announced it was building on StarkWare's ZK-Rollups, a competing solution for boosting the number of transactions a blockchain can handle.

Optimism did not return a request for comment by press time.

Update (Feb. 24, 23:45 UTC): Adds information on Optimism's mainnet launch and the purpose of the funding round.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.