Metis Raises Growth Round of $4 Million

Published May 10, 2021 | Updated May 10, 2021

In Brief
  • Ethereum Layer 2 protocol Metis has raised $4 million in a new funding round that featured existing and new investors.
Metis

Metis Raises Growth Round of $4 Million

  • Ethereum Layer 2 protocol Metis has raised $4 million in a new funding round that featured existing and new investors.

The announcement quickly follows Metis’ financing round earlier this year, when the blockchain startup secured $1 million in angel, seed, and private investment — giving the company $5 million in pre-IDO funding.

The new capital injection was led by Block Dream Fund, DFG, Master Ventures, Parsiq, Autonomy Capital, Genblock Capital, CryptoMeria, Waterdrip Capital, Kernel Ventures, AU21, Consensus Lab, M6, 7 o’clock Foundation, YBB Foundation, Chain Capital, AC Capital, BMW Capital, Oasis Capital, Titan Ventures, Lotus Capital, CDF, and many community supporters.

This is the latest in a flurry of funding deals that Metis has arranged in recent months, as early backers doubled down on their investment in the startup, which focuses on building infrastructure for the Web 3.0 economy.


“Thanks to the funds and resources provided by our investors, Metis has experienced tremendous growth in the past few months,” said Elena Sinelnikova, Metis CEO and co-founder. “Our Layer 2 Alpha testnet recently launched, with 12,632 wallets created, 6,856 DACs (Decentralized Autonomous Companies) registered, and 166,859 on-chain transactions made in three weeks. Our first-ever community-minting NFT event was also a success, with 12,118 wallets connected to this event, and 2,560 Tribes created around the world to achieve the goal of minting the NFT artwork, “Rebuilding the Tower of Babel”. We have never been so confident that we are on the right track to provide the easy-to-use and highly scalable Layer 2 infrastructure that will promote the coming of the Web 3.0 era.” 


With fresh capital in hand, Metis plans to empower its recently-released Layer 2 platform, called Metis Rollup. The initiative enables Defi projects to trial the creation and management of their own dApps on a scalable Layer 2 solution. Using Metis Rollup, DeFi projects and DApp developers can operate within an ultra-low-fee and extremely high-functionality environment.

Jason Tolliver, co-Founder of Autonomy Capital and an investor in Metis, said:

“Metis aims to become the backbone of the Web 3 decentralized economy by focusing on scalability, decentralization, and user experience. Due to the company’s long-term vision, team, and strategic partners, we believe that Metis will achieve this goal, and that the company is poised to position itself as the dominant Layer 2 solution for Ethereum.” 

Metis kicked off its IDO campaign on May 5, announcing that it will partner with PAID Network’s IGNITION launchpad and Gate.io for an Initial DEX Offering (IDO) on May 13. 

Investors may trade the company’s token under the symbol $METIS on both Gate.io and Uniswap as of the May 13 IDO date.

About MetisDAO

Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases including yield farming, DEX trading, and powering the gig economy via DApps that offer cheap and fast micropayments.

Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.

Metis’ goal is to make building dApps and DACs on its platform so easy to do, even total blockchain novices can make it happen in a matter of minutes.

Learn more: https://metis.io/

Contact:
Kevin Liu
MetisDAO Co-Founder and Product Lead
[email protected]

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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Achal Arya 481 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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