US-based cryptocurrency technology developer O(1) Labs has raised $15m from investors including Coinbase Ventures, the strategic investment arm of digital currency trading platform Coinbase, CoinDesk has reported.
The round also featured Accomplice, Paradigm and General Catalyst, and it followed $3.5m in seed funding from Metastable, Polychain Capital, Electric Capital and angel investors Naval Ravikant, Elad Gil, Fred Ehrsam and Linda Xie in May 2018.
O(1) Labs is developing Coda, a cryptocurrency protocol that uses a cryptographic proof for the blockchain, in theory making it easier to create crypto apps.
Evan Shapiro, O(1) Labs’ CEO, told CoinDesk: “We see Coda as way more than just payments, what we are excited about is for Coda to enable new kinds of apps and games made possible by a cryptocurrency with a lightweight blockchain that is way easier to develop for and use.”
