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Layer N Raises $5M Led by Thiel's Founders Fund for High Speed Crypto Trading Blockchain

  • Layer N, a layer-2 blockchain built on Ethereum, raised $5M in a seed round led by Peter Thiel's Founders Fund and dao5.

  • This is Founders Fund's second crypto investment since hiring Joey Krug, showing renewed interest in the space after selling most of its crypto last year.

  • Layer N aims to increase speed and throughput to support high frequency trading, competing with other new blockchains.

  • The startup plans to launch its testnet in 1-2 months and attract crypto traders and decentralized exchanges.

  • Longer term, Layer N wants centralized exchanges to build noncustodial versions on its blockchain, given post-FTX trust issues.

fortune.com
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