Sep 2, 2024 – Kroma, a prominent Layer 2 blockchain solution provider, has announced the successful completion of its Series A funding round, attracting a diverse group of investors. This significant milestone underscores Kroma’s growing influence and the confidence investors have in its technological innovations and strategic vision. The round has secured backing from a range of notable entities, including Asia Advisors Korea, Gate Ventures, ICC Venture, Planetarium, Presto, RFD Capital, Taisu Ventures, The Spartan Group, Waterdrip Capital, and several other partners.
As Asia’s leading Layer 2 solution, Kroma is designed to revolutionize the Web3 space by providing intuitive, gamified real-life decentralized applications (dApps). Built on the OP Stack, Kroma stands out as the first Ethereum Layer 2 solution to implement zk fault proofs, a significant advancement that creates a permissionless network for validators. This development not only enhances security but also facilitates more efficient and scalable blockchain operations. By leveraging its modular zero-knowledge (zk) proving library, Tachyon, Kroma improves transaction speed and reduces gas fees, making zk proof generation more cost-effective and quicker.
In addition to its technical advancements, Kroma is pioneering Native Account Abstraction (AA) within the Superchain ecosystem. This innovation aims to provide a seamless Web3 gaming experience, setting a new standard for user engagement and functionality. With over 81 partners, including high-profile names such as SK Planet, Xangle, and Hexlant, Kroma is making significant strides across various sectors, including gaming, DeFi, and NFTs. This broad network of partnerships highlights Kroma’s role in driving the adoption and integration of blockchain technology across different industries.
Recently, Kroma underwent a significant shift in its shareholding structure. Previously a subsidiary of Wemade, Kroma is now transitioning to a model with a more diverse base of shareholders and partners. This change reflects Kroma’s growth and positions it to leverage broader support from a range of stakeholders, including its founders and management team. The new structure is expected to provide Kroma with enhanced resources and strategic guidance, crucial for driving its global expansion and innovation efforts.
The Series A funding round has also attracted interest from global institutional investors, further validating Kroma’s strategic direction and market potential. The capital raised will be strategically directed towards advancing Kroma’s infrastructure, with a strong focus on expanding its functionalities and further developing the platform. This investment will enable Kroma to enhance its technological capabilities, improve user experience, and maintain high standards of security and operational efficiency.
Kroma’s CEO, Taekyu Park, expressed enthusiasm about the investment, stating, “This funding round is a testament to the confidence investors have in Kroma’s technology and strategic vision. We are excited about the opportunities this funding presents and look forward to using it to further enhance our Layer 2 solutions. Our goal is to continue delivering efficient and secure blockchain services that drive the growth of the Web3 ecosystem.”
Kroma’s strategic direction and technological innovations have garnered significant attention from the investment community. The funds will play a crucial role in scaling operations and integrating new features, further solidifying Kroma’s position in the evolving blockchain landscape.
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