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Sovereign Labs Nets $7.4M in Seed Funding Round

Blockchain-based scaling firm Sovereign Labs closed its seed funding round that yielded $7.4 million. The round, steered by Haun Ventures, attracted Robot Ventures, 1KX, Plaintext Capital and Maven 11. 

The fundraising spiked the blockchain scaling firm’s valuation within the eight-figure range. Nonetheless, Sovereign Labs declined disclosure of the approximate valuation. 

Design Prioritizing Scalability and Interoperability 

The firm’s spokesperson confirmed that Sovereign Labs had advanced in delivering its software development kit (SDK). The kit would facilitate developers in creating interoperable zero-knowledge rollups. The firm’s chief executive Cen Ozer identified the rollup as a special blockchain type that leverages other blockchains to facilitate scalability without compromising security. 

Ozer indicated that the Sovereign SDK design prioritizes scalability and interoperability without compromising the deployment capability onto the layer 1 blockchain. The chief executive announced plans for agnostic changes on the blockchain utilized by the firm’s rollup. He observed the rollups created using the Sovereign rollup would accommodate compatibility with the layer 1 blockchain. 

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Sovereign rollups rely upon the zero-knowledge power and proofs based upon cryptography that validates statements on their underlying information. Ozer acknowledged the recent devotion of the buzzy sector to attract venture funding. He recognized the sector’s refocus to becoming a critical component powering the existing crypto projects, including Zcash, Mina, Starknet and zkSync.

Leveraging Zero Knowledge in Cryptography

Sovereign Labs chief technology executive Preston Evans admitted that building projects from zero knowledge are often the privilege of a few developers in cryptography. The firm’s co-founder demonstrated that Sovereign Labs erected tools to facilitate its access to normal developers. 

Evans echoed Ozer’s pronouncement that Sovereign Labs would not launch tokens. Instead, the firm would devote itself to creating the SDK framework. He assured effective utilization of the funds in delivering a compatible framework would avert the collapse characterizing subnets and bridges. 

Ozer regretted that the expanding scope to launch tokens left the majority of subnets compromising on the core feature of blockchains being end-user verification. The occurrence of such losses would defeat the purpose of why Sovereign Labs were not built upon Amazon Web Services. 

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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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