New investment of Vitalik Buterin in MegaLabs

Other notable investors include Figment Capital, Joseph Lubin, and Jordan Fish. The accompanying press release states that MegaETH can perform transactions per second with precise responsiveness. According to the press release, its massive performance unleashes fully onchain applications that match time-tested Web2 applications. Vitalik Buterin, the co-founder of Ethereum, said that creating a scalable Ethereum Virtual Machine is an essential requirement for scaling Ethereum. He is super excited to see skilled developers taking on this innovative challenge.

It is reported that MegaETH’s testnet will go live very soon, and Colosseum, a Solana-based startup accelerator, announced a funding of $60 million. The Colosseum is equipped with an elegant objective of accelerating the explosive growth of the onchain economy. MegaLabs has secured $20 million in seed funding endorsed by Vitalik Buterin and MegaETH is an exciting and innovative Ether-based scalability project. The company hopes that MegaETH will offer real-time transaction finality and will be the first Ethereum-compatible network to achieve that marvelous feat. The news is not a big surprise as far as cryptocurrency industry veterans of today are concerned.

The cofounder of Ethereum is one of the most respected members of the global Blockchain fraternity. Vitalik Buterin’s positive appreciation of the new Blockchain project speaks tall words about the potential of MegaLabs. MegaLabs got around $20 million in just five months as seed funding. Sreeram Kannan, the founder of EigenLayer, is another noted investor in MegaLab’s new project. The MegaETH will splendidly revolutionize Ethereum Virtual Machine Scalability. It will be an Ethereum-based network with a stunning twist, and MegaLabs claims it will be the first real-time Blockchain network to work alongside Ethereum Virtual Machine.

The network uses a diverse Blockchain infrastructure that can handle up to 100000 simultaneous transactions per second. Vitalik Buterin is knowledgeable about the future of Blockchain as the cofounder of Ethereum. He is highly optimistic about the upcoming days of Blockchain and MegaLabs, which will be led from the front by Shuyao Kong, a cofounder. The new investment is a tangible symbol of strong industry endorsement and made the previous week memorable for the global cryptocurrency industry. Bleeding edge Ethereum protocol is the flagship product of MegaLabs and the new investment will encourage MegaLab’s development efforts.

MegaLabs is a technology company focused on new business, innovation, and products. Their business revolves around the verticals of research, development, global partnerships, venture capital, mobile advertising, and cloud computing. It is located in Moscow, Russian Federation, and its founders are Mikhail Dubin and Dmitry Yumashev. MegaLabs has a direct presence in Europe, African Countries and the Middle East. 

Advertisement

Vitalik Buterin is known worldwide as the youngest crypto billionaire when he was 27. He had written for Bitcoin Magazine before his stint as cofounder, and Vitalik Buterin is an entrepreneur known for his Russian and Canadian roots. Vitalik Buterin was always passionate about mathematics, programming, and economics during his school and college days.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

Related Articles

Back to top button