EthStorage was able to get $7 million.

The EthStorage crypto project focuses on increasing the volume of L2 storage in Ethereum. He raised $7 million on seed investments. According to the results of the round, the project was estimated at 100 million. USD.

How was the seeding round

The fundraising was conducted by the dao5 venture cryptocurrency fund. Other large venture organizations, such as SevenX, Gate Ventures and others, also took part in this.

The startup was created last year. Qi Zhou is recognized as the founder and developer. It should be noted that he additionally created an infrastructure blockchain startup QuarkChain.

Now the project is being developed. The storage is being built on top of Ethereum. The goal is to achieve petabyte capacity. At the same time, they want to reduce spending a thousand times.

A press release from one of the venture funds that participated in the financing indicated that the startup periodically sends storage proofs to the main network. This allows the platform to achieve benefits from the Ethereum security functionality. Along with this, the storage volume increases significantly, and spending is greatly reduced.

Representatives of the investment fund believe that the crypto project will provide functionality that similar projects, such as Folicoin or Arweave, do not have.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.