Quick take:
- The investment will go towards the launch of Eigen Labs’ new developer platform EigenCloud.
- EigenCloud is a unified verifiable programmable environment powered by the Ethereum restaking platform’s core services EigenDA, EigenVerify and EigenCompute.
- The platform leverages EigenLayer’s crypto-economic security to extend verifiability to other sectors including AI, healthcare and media.
Andreessen Horowitz’s digital asset investment arm, A16z has invested an additional $70 via a token acquisition of the EigenLayer (EIGEN) token. The firm also led a $100 million Series B round for Eigen Labs, the developers of EigenLayer in February 2024.
The investment will go towards the launch of Eigen Labs’ new developer platform EigenCloud. EigenCloud is a unified verifiable programmable environment powered by the Ethereum restaking platform’s core services EigenDA for data, EigenVerify for dispute resolution, and EigenCompute for execution.
The platform leverages EigenLayer’s crypto-economic security to extend verifiability to other sectors including AI, healthcare and media, enabling off-chain computation with an on-chain trust guarantee.
Commenting on the announcement, Eigen Labs CEO Sreeram Kannan said in a statement: “EigenCloud will enable the next generation of disruptive, mass-market crypto apps, closing the gap between what developers want to build on-chain and what blockchains allow them to build.”
According to Kannan, EigenCloud is expanding crypto programmability making it possible to virtually verify anything on-chain.
“It opens up the opportunity for developers to build highly ambitious products like disintermediated digital marketplaces, on-chain insurance, fully on-chain games, automated adjudication, powerful prediction markets, and verifiable AI,” added Kannan.
The fundraising comes as Eigen Labs prepares to release the alpha version of EigenCloud this week. The new version includes major upgrades to EigenDA and a preview of EigenVerify.
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