Sei Blockchain Startup Raised $30 Million at an $800 Million Valuation

The Sei Network, a trading-focused blockchain team, raised $30 million at an $800 million valuation, according to TechCrunch.

The round included Jump Capital, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures.

More than 120 projects have already been built on the blockchain. According to co-founder Jayendra Jog, the latest public testnet attracted about 3.6 million unique users and processed over 35 million transactions in under a month.

In early January, SushiSwap announced plans to launch a decentralized futures-exchange built on Sei Network.

The project team comprises former employees of Goldman Sachs, Databricks, Robinhood, Google and Nvidia.

“Not only DeFi, but also other [applications] stand to benefit from trading. […] Our goal is to create the best infrastructure for exchanges,” Jog said.

According to him, the funds will be used to seek “the right strategic partners, especially on the mainnet,” as well as to expand the project’s presence in the Asia-Pacific region.

The Sei chief added that the project is still in public testing. The mainnet launch is planned for the second quarter of 2023.

In March, the Conflux startup raised $10 million from DWF Labs through the sale of CFX tokens from its treasury.

In the same month, Radix, which is developing a “radically” new blockchain, raised $10 million at a $400 million valuation from the same venture firm.