Quick take:
- The Foundation will use the capital for the expansion and maintenance of its decentralized data storage protocol and application development platform.
- Walrus Protocol allows any application to publish, read, and program large data files.
- The announcement comes ahead of the Protocol’s mainnet launch on March 27.
Walrus Foundation has raised $140 million in a token sale led by Standard Crypto. The fundraising also attracted participation from a16z crypto, Electric Capital, Creditcoin, Lvna Capital, Protagonist, Franklin Templeton Digital Assets, Karatage, RW3 Ventures, Comma3 Ventures, and The Raptor Group, the Foundation wrote in a blog post.
Walrus plans to use the fresh funding for the expansion and maintenance of its decentralized data storage protocol and application development platform.
The announcement comes barely a week before the mainnet launch of Walrus Protocol on March 27. Initially developed by Mysten Labs on the Sui blockchain, the Protocol allows any application to publish, read, and program large data files.
According to Walrus, applications on its platform ranging from AI datasets, rich media files, and websites to blockchain history can manage on-chain and off-chain data files, referred to as blobs, via Move-based smart contracts.
Commenting on the announcement, Rebecca Simmonds, Managing Executive of Walrus Foundation said the new investment will play a key role in the company’s bid to redefine decentralised storage.
“By leveraging Sui’s unique architecture, we’re making storing data programmable, interactive, and secure. Walrus is uniquely positioned to capitalize on this growing market and this funding will allow us to drive the adoption of programmable storage across industries as businesses search for flexible and verifiable data solutions,” Simmonds said.
Adam Goldberg, Managing Director and Co-Founder at Standard Crypto commented: “Prior on-chain storage attempts have struggled with scalability, flexibility, and security, limiting their adoption within a rapidly expanding set of use cases for both apps and infrastructure. We believe, with Walrus, we finally have an internet-scale and crypto-native storage platform designed for the coming era of data-heavy blockchain adoption.”
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