Sei Raising $5M Led by Multicoin to Build L1 Blockchain

Sei recently announced raising over 5 million dollars during a funding round led by Multicoin Capital. Names like Delphi Digital, Hypersphere, Tangent, Yield Guild Games, and Coinbase Ventures also participated in the event.

The funds acquired through the round will be used for its mainnet launch and the acceleration of over 20 dApps in the Sei network. The past three years have witnessed a surge in the number of dApps within the financial industry.

The dApps reduce legacy cost structures while expanding financial access worldwide. However, the framework to support such apps has not been present in the market, leading to malicious exploits.

Sei is addressing these issues by offering an L1 blockchain designed for dApps. Jay Jog, Sei labs’ Co-Founder, also talked about the recent development. According to Jog, the recent round was a huge step for Sei and the growing DeFi landscape.

The platform has partnered with several financial institutions to build the most efficient L1 solution for financial apps, added Jay Jog.

The optimization led by Sei has been built into its L1 solution, making it a one-stop station for DeFi apps. The platform addresses prevalent issues faced by many ecosystems, and the Tangent team will be delighted to work with them, stated Tangent’s Co-Founder.

Sei’s orderbook-based exchanges are among its most popular application types. The platform allows apps to leverage its order matching engine to customize and spin up an orderbook for options, sports, derivatives, and spot betting. With native frontrunning security and quick finality, Sei is the ideal platform for enterprise-level orderbook exchanges.

With more dApps leaning towards a one-stop solution, Sei is sure to rise in popularity and market reliability, especially with the assistance of recent developments.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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