Ethereum Scaling Project SKALE Raises $17.1 Million for Mainnet Launch

SKALE Network, a blockchain scalability platform, has raised $17.1 million to launch its mainnet.

The investment consists of a $10 million contribution from SKALE Labs and $7 million in a recent financing, SKALE Labs CEO Jack O'Holleran told CoinDesk, noting the numbers are not final due to ongoing accounting adjustments and asset transfers.

The contribution from the San Francisco-based SKALE Labs largely comes from its previous financing through a $10 million Simple Agreement for Future Tokens sale including an $8.68 million funding round led by Multicoin Capital and $785,000 from earlier investors last year.

"There's a lot to like, and we've been impressed by their ability to set strategy, design spec, and execute. The product is also clearly hitting a nerve. I expect a majority of the smart contracts in the Ethereum ecosystem to eventually leverage Skale."

After a token sale last October, SKALE Labs launched a testnet in late-2018 and established the NODE Foundation in April 2019.

SKALE is the latest attempt at boosting the scalability of the ethereum blockchain.

The network says it will enable dapps to conduct "Millions of transactions per second at a fraction of the cost of what's possible today," according to a statement from SKALE Labs.

The network aims to help the developers by providing a Layer 2 platform with high speeds, fast finality and low costs, SKALE Labs said.

O'Holleran said SKALE currently has 23 different dapps on the platform.

The full list of gaming companies that partner with SKALE will be released at the beginning of November, he said.