Doublezero Foundation, a startup building a “new internet” to improve blockchain yield, raised $ 28 million to an assessment of $ 400 million, according to three people familiar with the matter, and is now looking for “strategic partners” to invest more at $ 600 million.
Dragonfly and Multicoin Capital lead the initial financing round, two of the people said. The posterior strategic round has not yet closed, said a source. The risk capital companies have been cheating a lot for any allocation they could obtain, said another.
Doublezero declined to comment.
Observing such a high assessment in an early round is uncommon, but it is not unknown to cryptographic companies that launch transformative systems. On the part of Doublezero, his vision is to accumulate a global network of fiber optic cables, and then take advantage of them for blockchains to transmit their data more efficiently than possible on public internet.
Its motto, “Increase bandwidth, reduce latency” or IBRL, proliferated through the community of Solana even before Doublezero debuted his white paper in December. The project is seen as an enabling technology for the most great plans in Solana to process a million transactions per second.
Doublezero is opening its evidence permission to the validators and RPC of Solana, with plans to expand to other chains in the future, said a family source. Its fiber optic cable network takes advantage of the private line operated by Jump Crypto, Rockaway, distributed global, latitude and Terraswitch, and is accepting more taxpayers.
At the Sokpoint Conference in Solana in September, the Jump Crypto Dredncer team demonstrated its super fast solar client running at dizzying speed. What did not tell the crowd at that time was that the participating validators were executing with Doublezo infrastructure
The president of the Doublezero Foundation, Austin Federa, was the former head of Strategy at the Solana Foundation. His other co -founders, Andrew McConnell and Mateo Ward, are in charge of the project’s main collaborating company, Malbec Labs. Jump Crypto is also a central taxpayer, in addition to launching the early bandwidth to the network.
Federa has referred to Doublezero as “the first Crypto infrastructure project” due to its massive hardware dependence: fiber optic cables through the earth and the sea. Instead of buying or building that expensive infrastructure, Doublezero will depend on independent communications companies willing to monetize their underutilized products.
Everything is a reminiscence of the Wall Street speed war, where commercial companies spent great money in specialized fiber optic lines to shave precious milliseconds of their orders.
In an explanatory blog, the Helius infrastructure company compared Doublezero’s favorite data pipes to a private car and internet service open to an Uber. Both will finally take you where you are going. But the private car will make it faster and more predictable.
“I think the community of Solana has said with great resolution: ‘We would like to overcome what is possible on public internet,” Federa said in a recent X spaces, although he said that Doublezo is “fully compatible” with any block chain.
Compared the system with the dedicated fiber lines of high frequency commercial companies. “We are reaching the point where block chains are fast enough to use that.”
