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Layer-1 Blockchain Sei Labs Announces $50 Million Investment From Bitget and Foresight Ventures

Sei Labs, a blockchain start-up, is building a new layer-1 blockchain for trading, which is set to launch later this year. The company has raised $50m for its ecosystem fund, bringing its valuation to $800m. The investment was made by crypto exchange Bitget and venture firm Foresight. Sei's founder, Jayendra Jog, said that the company's value proposition is its exchange infrastructure, focusing on speed and the number of orders that can be processed per second. Sei aims to launch its mainnet around the end of June and has over 120 projects building on it ahead of the launch. Despite the recent popularity of layer-2 solutions built on top of existing blockchains like Ethereum, Sei decided to build a new blockchain because it believes layer-2s will not develop quickly enough to support sufficient transaction speed.

(By LEO SCHWARTZ)

Bitget Layer 1
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