{"id":61007,"date":"2023-09-14T14:40:06","date_gmt":"2023-09-14T18:40:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/peter-thiel-backed-founders-fund-invests-in-layer-ns-ethereum-scaling-tech\/"},"modified":"2023-09-14T14:40:10","modified_gmt":"2023-09-14T18:40:10","slug":"peter-thiel-backed-founders-fund-invests-in-layer-ns-ethereum-scaling-tech","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61007","title":{"rendered":"Peter Thiel-Backed Founders Fund Invests in Layer N’s Ethereum Scaling Tech"},"content":{"rendered":"
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The new Ethereum scaling network Layer N has raised $5 million in a seed funding round led by PayPal co-founder Peter Thiel\u2019s Founders Fund and investment collective dao5.<\/p>\n

The funding round, announced by Layer N on Wednesday this week, also saw participation from several other notable crypto investment firms, including Kraken Ventures, Mirana Ventures, GSR and Amber Group.<\/p>\n

\u201cWe\u2019re incredibly excited to announce our $5M seed round led by @foundersfund and @daofive, alongside other major funds and angels,\u201d the team wrote in a statement<\/a> on X.<\/p>\n

It added that the funding round marks the project\u2019s \u201cfirst milestone towards building Ethereum\u2019s financial superlayer.\u201d<\/p>\n

\u2018Ethereum\u2019s financial layer\u2019<\/h2>\n

In a thread on X, Layer N brands itself as \u201cEthereum\u2019s financial layer,\u201d with low fees and high transaction throughput.<\/p>\n

The thread further described Layer N as \u201cthe first layer 2 network on Ethereum specifically designed for and to scale DeFi,\u201d and said it \u201caims to rival existing traditional financial networks.\u201d<\/p>\n

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Ethereum\u2019s base layer has for a long time struggled with high fees and slow transaction speeds, offering an incentive for developers to build layers on top of it that are better suited for decentralized finance (DeFi) applications.<\/p>\n

Founders Fund\u2019s increasing crypto focus<\/h2>\n

Peter Thiel\u2019s Founders Fund stood for $1.8 million of the total amount raised in Layer N\u2019s funding round, the team behind the project confirmed to The Block.<\/p>\n

The investment from Peter Thiel\u2019s fund came after it in April hired at Pantera Capital\u2019s former co-chief investment officer, Joey Krug, as a partner.<\/p>\n

Peter Thiel has long been a proponent of Bitcoin (BTC) and crypto more broadly, and reports have even indicated that he may have crossed paths with Satoshi Nakamoto in Aguilla more than 20 years ago<\/p>\n

Thiel\u2019s fund also made headlines early this year when it became known that it had realized more than $1 billion in profits from selling off the vast majority of its crypto holdings shortly before the market crashed.<\/p>\n<\/p><\/div>\n