Multicoin Capital and top market makers invest in a $5 million seed round for Sei Labs, a startup building a new blockchain focused on trading.
, Multicoin Capital’s managing partner Tushar Jain explained the firm’s thought process on backing competing Layer 1 blockchains.
“To an outsider it can seem like these things are directly competitive, but really they have chosen different tradeoffs in their technical design. They’re not competing for the same thing,” Jain said, adding that Multicoin wouldn’t back two teams focused on the same tradeoff.Sei Labs expects the protocol to launch later this year. It will feature a built-in order book that aims to enable market makers and DeFi projects to process transactions at rapid speeds.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Kari McMahon is a deals reporter at The Block covering startup fundraises, M&A, FinTech and the VC industry. Prior to joining The Block, Kari covered investing and crypto at Insider and worked as a python software developer for several years.
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