The world increasingly runs on blockchain, but the same problems that have long plagued blockchain technology still persist. Transactions frequently take a great deal of time and money, and with more and more corporations and governments getting in on Web3, congestion is only getting worse.
That’s where StarkWare comes in.
“Tomorrow’s tech and economy will be heavily based on blockchain, and absolutely everyone developing it needs a solution to the congestion and high transaction fees we see today,” said StarkWare Co-Founder and President Eli Ben-Sasson. To address those issues, Ben-Sasson and a team of designers developed a math-based technology called STARKS that can greatly increase the efficiency of blockchain transactions with scalability and without dilution.
Venture capitalists are betting big that StarkWare can live up to the hype. In late May, the company led a massive Series D fundraising round that brought in $100 million, led by Coatue, Greenoaks Capital, and Tiger Global. The fresh infusion of capital has boosted the company’s valuation to $8 billion, quadruple its value just six months ago.
“This is a vote of confidence for the tech stack we’ve built, which makes blockchain scalable for mass use, and cuts transaction fees incurred by users,” said Co-Founder and Chief Executive Officer Uri Kolodny.