Metis Closes $4 Million Investment Round to Fund Its Layer 2 Solution Development

Ethereum layer-two protocol, Metis, announced that they’ve successfully closed $4 million in a brand new funding round.

$4 Million of Funding for ETH Layer Two Solution Metis

Metis is an Ethereum layer-two protocol. According to a press release shared with CryptoPotato, the company managed to raise another $4 million in a growth round that was led by the likes of Master Ventures, Oasis Capital, AU21, BMW Capital, Consensus Lab, Genblock Capital, M6, and so forth.

This gives the company pre-IDO funding of a total of $5 million in angel, seed, and private investment. Its initial DEX offering is scheduled for May 13rth, and it will happen through PAID Network’s Ignition launchpad.

Speaking on the matter was Elena Sinelnikova, Metis CEO and co-founder, who said:

“Thanks to the funds and resources provided by our investors, Metis has experienced tremendous growth in the past few months. […] Our Layer 2 Alpha testnet recently launched, with 12,632 wallets created, 6,856 DACs registered, and 166,859 on-chain transactions made in three weeks. […] we have never been so confident that we are on the right track to provide the easy-to-use and highly scalable Layer 2 infrastructure that will promote the coming of the Web 3.0 era.”

The funds will be used for empowering the recently-released Layer 2 platform that’s called Metis Rollup.

Ethereum Scaling Solutions on the Rise

Ethereum’s network, being clogged as it is, presents plenty of challenges when it comes to basic functionalities. Transactions are slow and particularly expensive.

Speaking on the matter, Vitalik Buterin recently addressed the issues and also hinted that rollups could be seen as the most imminent solution.

Rollups are coming very soon, and we’re fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.