Offchain Labs Raises $120 Million through Funding, Launches Mainnet for Arbitrum One

As per the latest reports, Offchain Labs has announced that it has successfully carried out the mainnet deployment for Arbitrum One. Offchain Labs is the team responsible for the development of Arbitrum One, which is a layer two platform for Ethereum.

Arbitrum One was highly anticipated by the users ever since the announcement of its development was made. It is one of the most optimistic rollups solutions that has been introduced by the development team for Ethereum.

The announcement in regards to the deployment of the mainnet was made by Offchain Labs’ development team on Tuesday, August 31, 2021. The team at Offchain Labs revealed that it was able to work on the mainnet project with the help of the funds it had raised through the funding round.

Offchain Labs announced that it successfully generated a very high amount of money through the Series B funding round. The team revealed that Lightspeed Venture Partners led the particular funding round for Offchain Labs.

The firm revealed that there were several other firms that participated in the funding round making it a huge success. According to Offchain Labs, several heavyweight investors from the cryptocurrency sector also participated in the funding round.

The names of these major investors were Mark Cuban, Alameda Research, Polychain Capital, and Pantera Capital. Furthermore, one of the major partners of Offchain Labs, Ravi Mhatre from Lightspeed also participated in the funding round. Another Lightspeed partner, Amy Wu, did not miss out on the opportunity to invest in Offchain Labs’ project.

Amy Wu even shared her remarks over the contribution of Offchain Labs in regards to the advancement of the Ethereum network. She stated that the dedication that Offchain Labs has demonstrated for the advancement and development of the Ethereum network is something only the Ethereum community can offer.

She stated that over time, Offchain Labs has helped introduce several updates and deployments in the Ethereum project. Many updates it has introduced in the Ethereum network have proven to be very useful and beneficial for the users.

This is the reason why when Offchain Labs wanted to launch Arbitrum One for the Ethereum network, many projects participated in it. This is the reason Arbitrum One had the support of over 400 projects throughout its development, deployment, and launch phase.

The Arbitrum One platform has been introduced mainly for the developers. At present, Arbitrum One’s beta has been launched so the developers can get a hands-on experience of the services and features the platform has to offer.

Offchain Labs has revealed that it is not the only platform providing protocols the ability to build on Arbitrum One. Several other major projects from the decentralized finance space such as Uniswap, Chainlink, MakerDAO, and Aave have already started building through the Arbitrum One project.