DoubleZero Foundation Secures $28 Million for Blockchain Infrastructure Expansion
DoubleZero Foundation has successfully closed a $28 million token funding round, co-led by Multicoin Capital and Dragonfly Capital. The organization, which supports the DoubleZero protocol, aims to develop a global fiber network designed to enhance performance for blockchains and distributed systems.
In addition to the leading investors, other participants in the funding round included Foundation Capital, Reciprocal Ventures, DBA, Borderless Capital, Superscrypt and Frictionless.
The foundation plans to allocate the raised funds toward hiring personnel in key areas such as marketing, developer relations, and business development. This funding will also facilitate the network's transition from its testnet beta phase to a public mainnet anticipated later in the year.
The launch of a permissioned testnet was also announced, allowing Solana validators and RPCs to participate in the testing phase. Austin Federa, co-founder of DoubleZero, indicated that the primary focus is currently onboarding Solana validators before advancing to a permissionless testnet.
The testnet is operational in seven global cities: Singapore, Tokyo, Los Angeles, New York, London, Amsterdam and Frankfurt.
Kyle Samani, managing partner at Multicoin Capital, explained that the public internet's bandwidth limitations and unpredictable routing create challenges in delivering reliable experiences akin to Web2.
DoubleZero intends to address these issues, aiming to enhance bandwidth and reduce latency for high-performance blockchains through fiber links provided by independent network contributors.
Core contributors to the project include Malbec Labs and Jump Crypto. The foundation's initiatives are positioned to lay the groundwork for a new physical infrastructure that supports the evolving landscape of blockchain technology.
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