Kroma, a prominent Layer 2 blockchain solution provider, has announced the successful completion of its Series A funding round, marking a significant milestone in its journey to revolutionize the Web3 landscape. The funding round attracted a diverse group of investors, including Asia Advisors Korea, Gate Ventures, ICC Venture, Planetarium, Presto, RFD Capital, Taisu Ventures, The Spartan Group, and Waterdrip Capital, among others.
As Asia’s leading Layer 2 solution, Kroma aims to make Web3 more accessible through intuitive, gamified real-life decentralized applications (dApps). Built on the OP Stack, Kroma distinguishes itself as the first Ethereum Layer 2 solution to implement zk fault proofs, creating a permissionless network for validators. This innovative approach enhances transaction speed and reduces gas fees, making blockchain interactions more efficient and cost-effective for users.
One of Kroma’s key technological advancements is its modular zero-knowledge (zk) proving library, Tachyon. This proprietary technology further improves the speed and cost-efficiency of zk proof generation, addressing two critical challenges in the blockchain space: scalability and affordability.
In addition to its technological innovations, Kroma is pioneering Native Account Abstraction (AA) within the Superchain ecosystem. This feature is particularly significant for delivering a seamless Web3 gaming experience, potentially opening up new possibilities for game developers and players alike.
Kroma’s impact extends beyond gaming, with over 81 partners across various sectors including DeFi, NFTs, and other blockchain applications. Notable partners such as SK Planet, Xangle, and Hexlant underscore the company’s growing influence in the industry.
The company has recently undergone a significant transformation in its shareholding structure, transitioning from a subsidiary of Wemade to a more diverse ownership model centered around its founders and management. This strategic shift positions Kroma to drive its global business forward with enhanced support from a broader range of stakeholders.
Despite this change, Kroma remains committed to collaborating with Wemade on various initiatives to ensure the continued growth of the Gamified Web3 ecosystem. The company has also secured key investors such as ICC Venture, ISKRA, Overtake, Planetarium, Wellxy, and XStar, further strengthening its position in the market.
The newly acquired capital will be strategically allocated to advance Kroma’s infrastructure, with a focus on expanding functionalities and enhancing platform development. Kroma’s applications are designed to appeal to a broad audience while maintaining high standards of security and operational efficiency, a balance that is crucial for widespread adoption of blockchain technology.
Taekyu Park, CEO of Kroma, expressed enthusiasm about the funding round, stating, ‘This investment reflects strong confidence in Kroma’s technology and strategic vision. We look forward to leveraging this funding to enhance our Layer 2 solutions, ensuring we continue to deliver efficient and secure blockchain services.’
The successful Series A funding round and Kroma’s strategic direction have garnered significant attention from the investment community. As the blockchain landscape continues to evolve, Kroma’s focus on accessibility, efficiency, and innovation positions it as a key player in shaping the future of Web3 technologies.
With its strong technological foundation, diverse partnerships, and newly secured funding, Kroma is well-positioned to drive significant advancements in the blockchain industry. The company’s efforts to make Web3 more accessible and user-friendly could potentially accelerate the adoption of blockchain technology across various sectors, from gaming and finance to digital art and beyond.
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