Hashed Leads $37M Investment in Taiko Labs for Ethereum Layer 2 Expansion
Hashed has invested in Taiko Labs, a developer specializing in Ethereum Layer 2 solutions that utilize zero-knowledge (ZK) proofs. This Series A round, amounting to $37 million (approximately KRW 49 billion), was co-led by Hashed, along with Faction, Generative Ventures, and Token Bay Capital. Other participants included WinterMute, Flow Trader, Amber, Presto and OKX Ventures.
Taiko is a ZK rollup Layer 2 project developed to achieve high compatibility and decentralization with Ethereum through zero-knowledge proofs—a technology that verifies the validity of data without disclosing personal information.
Due to the high costs and slow speeds associated with processing numerous transactions individually on Ethereum Layer 2, rollup technology, which aggregates multiple transactions, has been advancing. ZK rollups, while offering privacy protection and speed, have faced compatibility issues with the Ethereum Virtual Machine (EVM). Taiko aims to build a project that maintains ZK rollups’ decentralization benefits and targets a zero-knowledge proof-based Ethereum Virtual Machine (ZK-EVM) with high Ethereum compatibility.
Taiko plans to launch its mainnet with a decentralized sequencer to prioritize high compatibility with the EVM and decentralization. This strategy differs from most rollup networks, which typically focus on enhancing speed before gradually moving towards decentralization.
Leveraging these distinctive features, Taiko has demonstrated notable success among ZK rollup network projects. Since its launch in 2022, Taiko has successfully executed six testnets, with the number of created wallets exceeding one million. Currently, over 80 different decentralized applications (DApps) exist within the Taiko ecosystem, and more than 770,000 participants have formed a community on Discord.
Daniel Wang, CEO and co-founder of Taiko, stated, “We anticipated that creating the first rollup to be compatible with Ethereum at the same level would take at least a few years. Following this round of investment, we aim to launch the mainnet as swiftly as possible to demonstrate Taiko’s technical prowess to many.”
Kim Seongho, a partner at Hashed who led this investment round, remarked, “We were deeply impressed by Taiko’s leadership in achieving blockchain scalability with ZK rollup technology, which boasts very high compatibility with the Ethereum Virtual Machine. Hashed highly regards Taiko’s active community engagement and the successful outcomes of its testnets. We resonate deeply with Taiko’s vision and anticipate that Taiko will contribute significantly to the expansion of Ethereum and the wider proliferation of the blockchain ecosystem.”
- SOPOONG VENTURES Joins Funding for Israel-Based AI Foodtech Company BioRaptor
- SparkLabs to Host Saudi Market Entry Strategy Seminar on the 19th in Seoul
- 461 Korean Accelerators, 667.1 Billion KRW Investment in 2023
- SOPOONG VENTURES Invests in 29 Startups with KRW 14.1 Billion Fund Last Year
- Korea Accelerator Association Partners with Vietnam BSSC for Startup Ecosystems
- Gyeonggi CCEI and Asia2G Capital Sign MOU to Globalize Korea’s Startup Ecosystem
- Webcash Makes Strategic KRW 5 Billion Investment in ISTN to Broaden SAP-Integrated Solutions
- NewKIDS INVESTMENT Fuels Growth of Three Regional Startups : Waro, Dello, and LPartners
- AI Angel Club’s Impactful Journey: KRW 25 Billion Invested in 67 Startups Over Nine Years
- SOPOONG VENTURES Invests in Alternative Coffee Manufacturer ‘Prefer’
