Ex-Coinbase employees raise $5.3 million for Web3 startup Scale3 Labs

The Scale3 Labs startup, founded by former Coinbase employees, raised $5.3 million in a seed round from Redpoint Ventures and other investors. The funds will be used to build the infrastructure to ensure seamless operation for node operators, The Block reports.

Funding was also provided by Mysten Labs and Howard University.

According to Scale3 Labs’ founders, the startup claims to accelerate the ‘ultra-complex’ process of updating nodes from eight hours to ‘less than 20 minutes’.

This is possible thanks to a platform that handles all the internal work and provides direct update links, in a manner similar to the App Store.

Scale3 Labs has developed a real-time monitoring dashboard.

The startup’s solution supports Mysten Labs’ Sui blockchain. Plans include adding Ethereum, Solana and Aptos. The project expects to integrate the top-10 blockchains within the next six months.

The funding will also be used to expand the team and develop the ecosystem.

Scale3 Labs does not plan to issue its own token.

Earlier on October 3, ForkLog wrote about the difficulties of Ethereum staking, particularly due to the increased requirements for setting up a validator node.

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