ZKRollup’s Intmax Development Company Ryodan Systems AG Raises $4.88 Million in Seed Funding Round

04/13/2023 03:22 • Crypto & Markets • 55 views

On April 13th, ZkRollup’s second tier network project, Intmax development company Ryodan Systems AG, announced the completion of a seed round financing of approximately 650 million yen (approximately $4.88 million), with angel investors including HashKey Capital, Scroll, Yusaku Maezawa’s MZ Web3 Fund and Alchemy Venture, as well as Ethereum cryptologist Justin Drake and former Coinbase Chief Technology Officer Balaji Srinivasan participating.

ZkRollup project Intmax completed approximately $4.88 million in seed round financing

Introduction

On April 13th, 2021, Intmax Development Company Ryodan Systems AG, the second-tier network project of ZkRollup, announced the completion of a seed round financing of approximately 650 million yen (approximately $4.88 million). This article will cover the details of the seed funding round and the prominent investors who participated in it.

Background of ZkRollup

ZkRollup is a layer 2 scaling solution that aims to solve the scalability issues of Ethereum. ZkRollup utilizes a zero-knowledge proof protocol that enables transaction batching and compression, allowing for faster and cheaper transactions. The ZkRollup technology lowers gas fees while increasing the scalability of the Ethereum network.

Seed Funding Details

Intmax Development Company Ryodan Systems AG, the second-tier network project of ZkRollup, raised approximately 650 million yen ($4.88 million) in their seed funding round. The financing round included angel investors such as HashKey Capital, Scroll, Yusaku Maezawa’s MZ Web3 Fund, and Alchemy Venture, as well as Ethereum cryptologist Justin Drake and former Coinbase Chief Technology Officer Balaji Srinivasan.
The seed funding round will enable Intmax Development Company Ryodan Systems AG to continue to develop their ZkRollup technology and expand their team to further support the growth of the Ethereum network.

Prominent Investors

HashKey Capital

HashKey Capital is a Hong Kong-based venture capital fund that invests in blockchain ventures and digital assets. HashKey Capital has invested in several blockchain projects, including Ethereum and Stellar.

MZ Web3 Fund

MZ Web3 Fund is a venture capital fund managed by Yusaku Maezawa, a Japanese billionaire entrepreneur and art collector. MZ Web3 Fund invests in blockchain and web3-related projects.

Justin Drake

Justin Drake is an Ethereum cryptologist and researcher who works on the Ethereum Foundation’s research and development team. Drake is known for his contributions to the development of Ethereum 2.0.

Balaji Srinivasan

Balaji Srinivasan is a former Coinbase Chief Technology Officer and a prominent figure in the cryptocurrency industry. Srinivasan is an angel investor and has invested in several blockchain projects, including Ethereum and Bitcoin.

Conclusion

The completion of Intmax Development Company Ryodan Systems AG’s seed funding round is a significant milestone, and it will enable them to continue to develop their ZkRollup technology. The participation of prominent investors such as HashKey Capital, MZ Web3 Fund, Justin Drake, and Balaji Srinivasan is a clear indicator of the potential of the ZkRollup technology and its ability to solve the scalability issues of Ethereum.

FAQs

1. What is ZkRollup?
ZkRollup is a layer 2 scaling solution that aims to solve the scalability issues of Ethereum by utilizing a zero-knowledge proof protocol.
2. Who are the investors in Intmax Development Company Ryodan Systems AG’s seed funding round?
The investors in Intmax Development Company Ryodan Systems AG’s seed funding round include HashKey Capital, MZ Web3 Fund, Justin Drake, and Balaji Srinivasan.
3. What is the significance of Intmax Development Company Ryodan Systems AG’s seed funding round?
The completion of Intmax Development Company Ryodan Systems AG’s seed funding round is a significant milestone and will enable them to continue to develop their ZkRollup technology.

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