- The startup’s valuation now stands at $1 billion.
- The company aims to develop the SUAVE network.
- The funding round was led by investment firm Paradigm.
Ethereum software infrastructure provider Flashbots has raised $60 million in investment in a Series B funding round. This is reported by TheBlock.
The round was led by Paradigm, with participation from leading venture capital firms, angel investors, decentralized exchanges and apps.
The $60 million funding will be used to develop the DeFi platform SUAVE, which will allow users to make cheaper transactions across multiple networks, the team claims.
Another mission of Flashbots is to minimize the negative impact of maximum extracted value (MEV), which many cite as a major problem in Ethereum. MEV involves manipulating the sequence of transactions to profit from transactions on the network.
By the way, Flashbots’ co-founder left the firm in June. In his farewell letter, he pointed out Ethereum’s serious problems.
He pointed out that Ethereum’s problems are serious.