Infrastructure company Flashbots raised $60 million at a $1 billion valuation, according to The Block.
In the Series B round, participants included “leading venture firms”, L2-projects, angel investors, developers of decentralized exchanges and other applications.
The Flashbots team will allocate the raised funds toward building the SUAVE platform, which offers “faster and more confidential” blockchain transactions.
The project focuses on mitigating the negative aspects of MEV, ‘invisible tax’ on Ethereum.
Earlier, Flashbots introduced a beta version of the MEV-Share protocol, which distributes the “maximally extractable value” among users of the second-largest cryptocurrency by market capitalization.
As part of the Flashbots Protect project, MEV-Share is a remote procedure call tool that can be integrated into a wallet and used to protect against MEV bots.