DoubleZero Foundation Secures $28 Million at $400 Million Valuation
The DoubleZero Foundation has raised $28 million at a $400 million valuation, with plans for a strategic funding round targeting $600 million. Key details include:
- Dragonfly and Multicoin Capital led the initial funding round.
- DoubleZero aims to create a global network of private fiber optic cables to enhance blockchain data transmission.
- The project supports Solana's goal to process one million transactions per second.
- DoubleZero is opening its permissioned testnet to Solana validators and RPCs, with future expansion planned for other chains.
- Infrastructure is supported by contributions from Jump Crypto, RockawayX, Distributed Global, Latitude, and Terraswitch.
- Co-founder Austin Federa previously led strategy at the Solana Foundation.
DoubleZero's infrastructure relies on leveraging existing communications businesses rather than building new networks. The initiative draws parallels to high-frequency trading methodologies, aiming to provide faster and more reliable data transit for blockchains.