Canada markets open in 26 minutes
  • S&P/TSX

    20,571.30
    -50.09 (-0.24%)
     
  • S&P 500

    4,410.13
    +12.19 (+0.28%)
     
  • DOW

    34,364.50
    +99.13 (+0.29%)
     
  • CAD/USD

    0.7913
    -0.0002 (-0.02%)
     
  • CRUDE OIL

    83.72
    +0.41 (+0.49%)
     
  • BTC-CAD

    46,092.50
    +3,657.15 (+8.62%)
     
  • CMC Crypto 200

    830.36
    +19.76 (+2.44%)
     
  • GOLD FUTURES

    1,841.50
    -0.20 (-0.01%)
     
  • RUSSELL 2000

    2,033.51
    +45.59 (+2.29%)
     
  • 10-Yr Bond

    1.7530
    +0.0180 (+1.04%)
     
  • NASDAQ futures

    14,205.00
    -296.00 (-2.04%)
     
  • VOLATILITY

    33.11
    +4.26 (+14.77%)
     
  • FTSE

    7,361.85
    +64.70 (+0.89%)
     
  • NIKKEI 225

    27,131.34
    -457.03 (-1.66%)
     
  • CAD/EUR

    0.7014
    +0.0031 (+0.44%)
     

Blockchain Firm StarkWare Valued at $2 Billion in Funding Round

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • S
  • LMND

(Bloomberg) -- Israeli blockchain startup StarkWare achieved a $2 billion valuation in a funding round led by Sequoia Capital, raising capital to help scale up its technology that speeds up digital transactions.

Most Read from Bloomberg

The Netanya-based firm, which verifies large batches of blockchain transactions at a faster rate than traditional methods, attracted $50 million from investors, co-founders Eli Ben-Sasson and Uri Kolodny said in an interview on Tuesday. StarkWare’s earlier valuation hasn’t been made public.

Blockchain is best known for supporting cryptocurrencies such as Bitcoin, but versions of the technology are fast making their way into many facets of daily life, from vaccine passports to finance, gaming, and cross-border payments. The market for blockchain technology and services is projected to grow to $67.4 billion by 2026, from $4.9 billion this year, according to researcher MarketsandMarkets.

Faster and cheaper verification is one of the key hurdles to widespread use of blockchain technology. The median confirmation time for each transaction fluctuates between five and 10 minutes, according to Blockchain.com.

“Looking at the blockchain, we see something that is of tremendous use and potential but is so limited in scale,” said Ben-Sasson, who is StarkWare’s president. “It needs to scale dramatically and exponentially and it needs to do so under the same principles of decentralization and openness.”

StarkWare was founded in 2018 and had previously raised $111 million, according to its website. The company has settled more than $200 billion in volume for its clients, which include gaming firm Sorare, Ben-Sasson said.

Sequioa has invested in dozens of Israeli tech companies, including SentinelOne Inc., Gong.io and Lemonade Inc. Earlier this year, the U.S. venture capital firm expanded its foray into the Middle East by leading an initial funding round for Egyptian digital banking app Telda.

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting