top of page
Writer's pictureTina

Ithaca, an Open-Source L2 to accelerate crypto frontier, raise $20M from Paradigm


Open-Source L2 to accelerate crypto frontier

October 11, 2024


Paradigm, a well-known crypto venture capital firm, announced on Friday that it has invested $20 million in a spinoff company developing a new Layer 2 blockchain aimed at accelerating blockchain development. According to Paradigm, their Chief Technology Officer and General Partner, Georgios Konstantopoulos, will take on the role of CEO at Ithaca. The Layer 2 blockchain being developed by Ithaca, named Odyssey, will be part of a broader technology stack.

Project

Latest Raise

Latest Raise Date

Lead Investor

Category

Ithaca

$20M

October 11, 2024

Paradigm

Layer2

The Layer 2, constructed using Reth and the OP Stack, is currently live on the testnet. Ithaca is developing a comprehensive suite of products and tools aimed at helping developers expedite their work and reducing friction for consumers, according to Konstantopoulos.


About Ithaca

Ithaca is a company focused on advancing the cryptocurrency frontier by developing innovative blockchain solutions. They are currently working on a new Layer 2 blockchain called Odyssey, which aims to enhance blockchain development by providing a comprehensive suite of tools for developers. Ithaca leverages technologies from existing Layer 2 solutions like Optimism and Starkware to address major challenges in the crypto space.


 

About Investor

Investor: Paradigm

Paradigm is a research-driven technology investment firm that focuses on crypto and related technologies at the frontier. Paradigm takes a deeply hands-on approach to help projects reach their full potential. This includes technical aspects such as mechanism design, security, and engineering, as well as operational aspects like recruiting, go-to-market strategies, and legal and regulatory considerations.


Location:  San Francisco, USA

 

 

 

A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.

Comentários


Os comentários foram desativados.
bottom of page