OKX Ventures, the investment arm of leading Web3 technology company OKX, has announced its participation in a funding round for AltLayer, a leading platform for rollups. The funding round, which raised $14.4 million, was co-led by Polychain Capital and Hack VC. This investment underscores OKX Ventures' continued commitment to supporting innovative projects in the blockchain space.

AltLayer is a decentralized protocol that empowers developers to create rollups from various software stacks, offering a rollup-as-a-service model. Rollups are a layer-2 scaling solution that enable faster and cheaper transactions on the Ethereum network, without compromising security or decentralization. AltLayer aims to make rollups accessible and easy to use for developers of all backgrounds and skill levels, by providing a flexible and modular framework that supports multiple programming languages and consensus mechanisms.

This round of capital will be utilized to expand AltLayer's team and further enhance its rollup infrastructure. AltLayer plans to launch its mainnet in the second quarter of 2024, and to onboard more partners and users in the coming months. AltLayer's vision is to become the go-to platform for rollup development and deployment, and to foster a vibrant ecosystem of rollup-based applications that can benefit from the scalability and interoperability of its protocol.

OKX Ventures Founder Dora Yue said:

"We're excited to support AltLayer in their quest for scalability and innovation in the blockchain technology sector. AltLayer's dedication to developing rollup infrastructure signifies a considerable advancement for the industry. This aligns perfectly with OKX Ventures' mission to support projects that drive innovation and push the boundaries of the blockchain space."

OKX Ventures looks forward to seeing the growth and development of AltLayer, as well as supporting their vision to revolutionize the blockchain industry. OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value. Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.