LightLink, an Ethereum layer-2 blockchain, recently secured $6.2 million in funding during an extended seed round. Institutional and individual investors participated in the effort. According to a social media post by the company, no further rounds are planned at the moment.

The seed round was extended due to high demand from investors, resulting in an additional $1.7 million being raised. This funding will be used to support LightLink’s vision of a web3 ecosystem accessible to millions and to advance proprietary technologies for gasless transactions.

LightLink’s CEO, Roy Hui, expressed enthusiasm about the investment, emphasizing the company’s commitment to practical blockchain solutions. The seed round saw participation from prominent venture capital firms such as MH Ventures and NxGen, as well as contributions from individual crypto investors.

In addition to the funding, LightLink reportedly records about 115,000 daily transactions and has a strategic alliance with Animoca Brands. The company’s upcoming initiative includes the launch of its LL token, backed by a liquidity bootstrapping pool, to ensure equitable distribution and efficient price discovery within the ecosystem.

The successful seed round by LightLink comes at a time of renewed VC interest in the crypto space. Data from Crypto Koryo shows a 38% increase in venture capital funding in crypto projects since Q4 2023, with a 49% increase in the number of projects receiving funding. Major venture firms have led significant investment rounds in the first quarter of 2024, with a focus on infrastructure and decentralized finance projects.

This positive trend in VC funding indicates a promising outlook for continued growth and innovation in the crypto space.

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