Versatus Secures $2.3 Million, Valuation Pushed Above $50 Million

With fresh funding, Versatus Labs is going to release Versatus LASR, a stateless rollup designed to scale Ethereum (ETH) in a completely new way.

Versatus Labs secures $2.3 million, NGC Ventures and Republic Crypto co-led fundraising round

Versatus Labs, a peer-to-peer web services platform that enables Web2 developers to seamlessly transition to Web3, has successfully completed its latest funding round. A total of $2.3 millon were raised by a clutch of highly reputed VCs, including the likes of NGC Ventures and Republic Crypto.

The aggregated volume of funds raised eclipsed $3.7 million, pushing the valuation of Versatus Labs over $50 billion. Jump Crypto, BigBrain Holdings, Taureon Group and Hyperithm also backed Versatus Labs in its fundraising efforts.

The platform also scored an array of partnerships with Tdata availability service EigenLayer, liquid staking platform Stader Labs and Web3 venture Anagram.

Founded by Distributed Systems veteran Andrew Smith, Versatus works on the development and adoption of Versatus LASR, the first-ever stateless rollup on the top of Ethereum (ETH).

Sreeram, founder of EigenLayer, is excited by the accomplishments and vision of Versatus:

Stateless verification is a key feature required to enable infinite scaling of optimistic rollups while preserving verifiability by regular nodes, which can sample and verify portions of the state update. Stateless verifiers are a key milestone in the future of the Ethereum scaling roadmap and we are excited to partner with Versatus to bring this key unlock to the modular Ethereum landscape.

Once launched, its rollup has the chance to change the game in the Ethereum L2s segment with its data intensive smart contracts, cross-chain native asset transfers, cross-chain contract integrations and much more.

Scaling Ethereum (ETH) with language-agnostic smart contracts

Also, it enables stateless verification of programming language-agnostic smart contract transactions. In short, Versatus LASR reduces the costs and inefficiencies of Ethereum, and eliminates the friction and centralization associated with optimistic rollups.

Joseph Eagan, cofounder of Anagram, is certain that the new development will address some of the dangerous Ethereum (ETH) scaling bottlenecks:

I’ve gotten to know Andrew, and I can confidently say he is the most sober mind in the space, unphased by hype cycles or FUD. Andrew is on a mission to solve a real problem, and has done the groundwork to deeply understand it. Versatus LASR delivers a solution to the problem and ushers in a new era of web3, one that takes crypto from the fringes of the tech community and places it at the center.

Besides impressive scaling opportunities, the new platform will also streamline the migration of Web2 products to the EVM segment.