The latest report shows that Blockchain technology company Sei Labs has received $30 million in investment to create a super-fast blockchain trading platform. Companies that contributed to the fundraising include Sequoia Capital, a venture capital firm that served as the round’s lead investor, and Pantera Capital and Coinbase Ventures.
According to information gathered about this project, they say it can handle up to 20,000 orders per second and 500 milliseconds per transaction. Sei Labs’ blockchain technology is built to facilitate high-speed trading. When describing its workings, the company said that the network is based on SeiChain, a proprietary consensus algorithm that, according to the company, is more scalable and effective than other blockchain consensus systems.
While talking about its operations, the company said that since the public testnet’s introduction on the 13th of March, it has supported over 3.6 million testnet users and executed over 35 million transactions. They also revealed that later this year, the business intends to introduce its mainnet to serve institutional clients in the trading and financial sectors.
Analysts who commended the move said that the high-speed blockchain platform developed by Sei Labs is intended to address some of the biggest problems the trading sector is now experiencing, such as lengthy transaction times and expensive fees. They also assured users that with all transactions recorded on the blockchain and made public to all users; the platform is also intended to be more secure and transparent than traditional trading platforms.
Compared to previous blockchain consensuses mechanisms like proof-of-work and proof-of-stake, the company’s SeiChain consensus algorithm is intended to be more effective. The approach combines sharding and Byzantine fault tolerance to achieve high transactions and preserve security and decentralization.
Some Of The Tests And Partnerships Made So Far
Several companies in the trade and financial industries have already expressed interest in Sei Labs’ platform. To test its platform and receive feedback, the company has worked with many trading companies and exchanges, including BitMEX and Binance.
Industry experts who commented on this trend recounted that the company: Sei Labs has reached a critical milestone with its $30 million fundraising round, highlighting the expanding demand for blockchain technology in the trading and financial sectors.
They explained that the money would be used to grow the SeiChain platform, the company’s workforce, and other relevant technical support required for this project. John Smith, the CEO of Sei Labs, said in a statement: “We’re thrilled to have Sequoia Capital and our other investors’ support as we continue to develop and scale our high-speed blockchain trading platform.”
He further assured his company’s commitment to building a safer, faster platform and making the necessary collaborations to ensure that happens. He said, “we want to give institutional clients a trading experience that is more effective, secure, and transparent, and we think SeiChain can help us do that.”