HPeter Thiel-Backed Founders Fund Invests in Layer N’s Ethereum Scaling Tech. Peter Thiel. The co-founder of PayPal and the investment group dao5 spearheaded a $5 million seed funding round for the new Ethereum scaling network Layer N. Several other well-known cryptocurrency investment firms, However. Including Kraken Ventures, Mirana Ventures, GSR, and Amber Group, which participated in the funding round. Which Layer N disclosed on Wednesday this week. The investment round. It continued as the project’s “first milestone towards building Ethereum’s financial super layer.”
Ethereum’s financial layer
As “Ethereum’s financial layer,” with minimal costs and excellent transaction throughput, Layer N advertises itself in a thread on X.
According to the thread, Layer N is “the first layer two networks on Ethereum specifically designed for and to scale DeFi,” and it “aims to rival existing traditional financial networks.”
Since Ethereum’s base layer has long had expensive transaction fees and sluggish transaction speeds, developers have been compelled to construct more appropriate layers for decentralized finance (DeFi) applications.
Founders Fund’s increasing crypto focus
However, the team behind the project verified to The Block that $1.8 million of the total funds obtained in Layer N’s investment round came from Peter Thiel’s Founders Fund. However, Peter Thiel-Backed Founders Fund Invests.
Peter Thiel-Backed Founders Fund Invests. After hiring Joey Krug, the former co-chief investment officer of Pantera Capital, as a partner in April, Peter Thiel’s firm invested.
However, Peter Thiel has long supported Bitcoin (BTC) and cryptocurrencies. However, rumors even claim the two may have met in Aguilla more than 20 years ago.
What is Layer N?
An on-chain competitor to the Nasdaq is Layer N. An Ethereum Layer 2 network, hopes to help build. “We spent two years developing, speaking with you, and working with institutional firms. And personally seeing the numerous difficulties protocols faced. To address these issues. However. Streamline institutional onboarding. Remove performance and user experience barriers. And free protocols to concentrate on what matters most to them—creating. A fantastic product—we developed a new Layer 2.