The new Ethereum scaling network, Layer N, has recently secured $5 million in a seed funding round. This round was led by Peter Thiel’s Founders Fund and investment collective dao5. Other notable participants included Kraken Ventures, Mirana Ventures, GSR, and Amber Group. Layer N aims to build Ethereum’s financial superlayer, providing low fees and high transaction throughput.
Building Ethereum’s Financial Layer
Layer N positions itself as “Ethereum’s financial layer” and emphasizes its focus on decentralized finance (DeFi) with the intention to rival traditional financial networks. Ethereum’s base layer has faced challenges with high fees and slow transaction speeds, prompting the need for layers that better suit DeFi applications.
“We’re incredibly excited to announce our $5M seed round led by @foundersfund and @daofive, alongside other major funds and angels,” the Layer N team stated.
Peter Thiel’s Founders Fund contributed $1.8 million to the seed funding round, reinforcing their belief in Layer N’s potential. Their investment in Layer N follows the recent hiring of Joey Krug, former co-chief investment officer at Pantera Capital, as a partner.
Peter Thiel’s Influence in Crypto
Peter Thiel has long been an advocate for Bitcoin (BTC) and cryptocurrency. There have been reports suggesting Thiel may have encountered Satoshi Nakamoto, the mysterious creator of Bitcoin, more than 20 years ago during his time in Aguilla.
Peter Thiel’s fund garnered attention earlier this year when it profited over $1 billion from selling off the majority of its crypto holdings shortly before the market downturn.
