DoubleZero Foundation has recently raised $28 million at a $400 million valuation, as it aims to create a new internet to enhance blockchain operations. The startup is in pursuit of more strategic partnerships to reach a $600 million total valuation.
Key Players:
- Dragonfly and Multicoin Capital led the initial funding round.
Securing this significant valuation early is not common in the crypto sector; however, with its vision involving a global network of private fiber optic cables, DoubleZero seeks to enhance data transmission efficiency over what standard public internet can achieve.
Company’s Vision: The motto, “Increase bandwidth, Reduce Latency” (IBRL), was popularized in the Solana community prior to the release of its white paper in December. This project is expected to enable Solana to handle transactions at remarkably higher rates, up to a million per second.
The startup is currently inviting Solana validators and additional chains to participate in its permissioned testnet.
During a recent Solana conference, a demonstration had shown the extraordinary performance of DoubleZero’s infrastructure while utilizing the participating validators.
Austin Federa, who previously led strategy at the Solana Foundation, describes the platform as “crypto’s first infrastructure project,” aimed at leveraging existing fiber optic infrastructure from independent communication companies.
Federa has remarked, “We’re just getting to the point where blockchains are fast enough to utilize dedicated fiber lines.”
