AltLayer Raises $14.4 Million in Strategic Funding Round for Rollup Solutions

cryptonews.com:

AltLayer, a rollups platform focusing on blockchain scalability, has raised $14.4 million in a strategic funding round.

According to a social media post by AltLayer, the fundraising round was co-led by Polychain Capital and Hack VC, with the aim of expanding the company’s team and advancing its rollup infrastructure.

Additional participants in the funding included OKX Ventures, HashKey Capital, Bankless Ventures, Breyer Capital among others, contributing to AltLayer’s efforts to enhance blockchain scalability and interoperability.

Landmark Update: AltLayer has secured an impressive $14.4M from top VCs in a strategic fundraising round.

We soar to new heights and will be unstoppable in our mission to bring restaked rollups & other novel Web3 infra to the forefront.https://t.co/45VrQWsKl7 https://t.co/fhqNSUTwL0

— AltLayer (@alt_layer) February 19, 2024

“Excited to enrich the ecosystem, and bring the full gamut of capabilities of restaked rollups to life in 2024 & beyond,” said AltLayer. “We’re ever grateful and remain committed to building continuously – with your support!”

AltLayer recently navigated through community concerns following the distribution of a $100 million airdrop, as reported by AltLayer’s Head of Growth. The distribution, which favored certain non-fungible token (NFT) holders, was described as coincidental amidst the backlash.

In response to critiques on social media platform X (formerly known as Twitter), the company’s executive outlined the circumstances surrounding the airdrop.

The controversy centered on allegations of unfair token distribution, where select users reportedly received up to $135,000, benefitting significantly from subsequent sales of NFTs.

“Both NFT collections were dropped as fair mint and