"LightLink Completes $6.2 Million Expanded Seed Round to Fuel Web3 Ecosystem and dApps Development"

"LightLink Completes $6.2 Million Expanded Seed Round to Fuel Web3 Ecosystem and dApps Development"
Photo by Markus Spiske / Unsplash

LightLink, a pioneering project in the blockchain industry, has successfully closed an expanded seed funding round, raising $6.2 million. The round saw significant contributions from MH Ventures and NxGen, highlighting the project's growing appeal among institutional investors and leading to the decision to increase the funding goal to accommodate the overwhelming demand.

The funds from this round are earmarked for several critical areas of development for LightLink, including the enhancement of its technology stack, the advancement of decentralized applications (dApps), and the establishment of new partnerships. LightLink stands out in the blockchain space as a second-level (L2) gasless blockchain solution, aiming to address some of the most pressing challenges in the industry.

According to Roy Hui, the head of LightLink, the mission is to make blockchain technology both practical and accessible. "The investment will enable us to continue our efforts in building a Web3 ecosystem for millions of users through our corporate partners, as well as to enhance our gasless transaction technology," Hui stated. This vision aligns with the project's goal to simplify the user experience and remove financial barriers for newcomers to the blockchain and DeFi sectors.

The round also saw participation from a diverse group of individual investors, including notable names such as ANBESSA, Eric Cryptoman, Lady of Crypto, Satoshi Stacker, That Martini Guy, and Zoran Kole, among others. Strategic partnerships have been formed with entities like B3V, Blue7, and T&B Media Global, further extending the project's reach and capabilities.

Kamran Iqbal, co-founder and managing partner at MH Ventures, expressed excitement about LightLink's potential to lead the next wave of blockchain innovation. "It's clear that the future of blockchain innovation lies in making dApps more accessible to users and removing the cost barrier for beginners. LightLink is at the forefront of facilitating gasless transactions, and we are thrilled to support the team in creating the next generation of DeFi projects," Iqbal commented.

LightLink's mainnet has already shown promising results, with daily transactions reaching 115,000 and the total number of transfers surpassing 18.5 million. This performance underscores the scalability and efficiency of the LightLink network.

Further strengthening its ecosystem, LightLink has entered into a partnership with Animoca Brands, allowing some of Animoca's projects access to the LightLink network. Additionally, the team has integrated with the modular DA-network Celestia, a solution that has been deployed in the testnet and is nearing completion in the mainnet.

In a significant move towards growing its ecosystem, LightLink announced the upcoming launch of its native token LL, along with the LightLink Bootstrapping Pool (LBP) on the Fjord Foundry platform. The token generation event (TGE) is scheduled to take place from April 21 to April 23, 2024, marking a pivotal moment in LightLink's journey towards creating a more inclusive and accessible blockchain ecosystem.