Scroll, an Ethereum scaling startup, raises $50 million at a $1.8 billion valuation.

Scroll, a layer-2 network for Ethereum scaling using ZK-Rollups, raised $50 million in a recent funding round. The Block reports this.

Investors include: Polychain Capital, Sequoia China, Bain Capital Crypto, Moore Capital Management, Variant Fund, Newman Capital, IOSG Ventures and Qiming Venture Partners.

Representatives of Scroll declined to disclose the round’s structure or the company’s final valuation. However, according to the publication’s sources, it could have reached $1.8 billion.

The startup will use the proceeds to launch the mainnet and expand the ecosystem. According to Scroll co-founder Sandy Pan, in the near term the project will grow the team from 60 to 100 people.

According to the previous funding round, the startup raised $30 million.

Scroll network was created in 2021 with the aim of expanding Ethereum to one billion users.

In late February, the project team launched its zkEVM on the Goerli testnet, exiting alpha testing.

For nearly two years, we’ve built our zkEVM in the open alongside @PrivacyScaling and other contributors, and today, we’re taking the next step to Goerli, the final stage before mainnet.

Our testnet on Goerli is 100% permissionless.

Here are the details:

— Scroll ? (@Scroll_ZKP) February 27, 2023

According to Pan, the network now counts about 1 million unique addresses that have made 16 million transactions.

Earlier in the month, Ethereum developers set the activation date for the Shanghai-Capella (Shapella) hard fork on the mainnet for mid-April.