Peter Thiel-Backed Founders Fund Invests in Layer N’s Ethereum Scaling Tech

Ethereum Investment
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Fredrik Vold
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: Adobe / jirsak

The new Ethereum scaling network Layer N has raised $5 million in a seed funding round led by PayPal co-founder Peter Thiel’s Founders Fund and investment collective dao5.

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.

“We’re incredibly excited to announce our $5M seed round led by @foundersfund and @daofive, alongside other major funds and angels,” the team wrote in a statement on X.

It added that the funding round marks the project’s “first milestone towards building Ethereum’s financial superlayer.”

‘Ethereum’s financial layer’

In a thread on X, Layer N brands itself as “Ethereum’s financial layer,” with low fees and high transaction throughput.

The thread further described Layer N as “the first layer 2 network on Ethereum specifically designed for and to scale DeFi,” and said it “aims to rival existing traditional financial networks.”

Ethereum’s 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.

Founders Fund’s increasing crypto focus

Peter Thiel’s Founders Fund stood for $1.8 million of the total amount raised in Layer N’s funding round, the team behind the project confirmed to The Block.

The investment from Peter Thiel’s fund came after it in April hired at Pantera Capital’s former co-chief investment officer, Joey Krug, as a partner.

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

Thiel’s 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.

More Articles

Blockchain News
Tornado Cash Developer Alexey Pertsev Granted Supervised Release from Prison
Hassan Shittu
Hassan Shittu
2025-02-07 00:30:51
Blockchain News
Deribit Exits Russian Market Due to EU Sanctions: Report
Tanzeel Akhtar
Tanzeel Akhtar
2025-02-06 23:54:56
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors