Based in Israel, StarkWare Industries provides infrastructure solutions that address the scalability issues of the Ethereum blockchain. The company offers two platforms: 1) StarkEx, a scaling engine for Ethereum, and 2) StarkNet, blockchain infrastructure for building decentralized applications. The company’s solutions work together to cut transaction costs by reducing the amount of information sent to the Ethereum blockchain. This results in faster transactions due to the reduction of blockchain congestion.
This technology supports a number of use cases including NFT minting, derivative trading, automated market making, spot trading, payments, and DeFi pooling. As of May 2022, the platform was used to mint over 52 million NFTs. The company also planned to decentralize StarkWare but has not disclosed whether the process would involve a token.
Funding and financials
In May 2022, StarkWare Industries raised USD 100 million in Series D funding led by Greenoaks Capital and Coatue at a valuation of USD 8 billion. The company earmarked the funds for product and business development, engineering, and growing its peripheral ecosystem.
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