Versatus Raises $2.3M at $50M Valuation To Launch The World’s First Stateless Rollup
Miami, Florida, December 7th, 2023, Chainwire
Versatus Labs, a Peer-to-Peer Web Services Protocol that enables Web2 developers to seamlessly transition to Web3, has successfully raised $2.3 million with participation from key investors NGC Ventures and Republic Crypto, bringing its value to $50 million. The fundraising will help Versatus launch the world’s first Stateless Rollup, Versatus LASR.
Founded by Distributed Systems veteran Andrew Smith, Versatus paves a new frontier in decentralized verifiable compute innovation. Versatus offers a seamless transition from Web2 to Web3 for developers while enabling unrivaled speed and cost-efficiency without sacrificing security and maintaining wide decentralization. Developers can use Versatus to employ familiar tools and frameworks for prototyping, optimizing, DevOps, testing and deployment, allowing for a seamless transition from Web2 to Web3.
Versatus has now raised a total of $3.7 million with backing from Jump Crypto, BigBrain Holdings, NGC Ventures, Republic Crypto, Taureon Group, and Hyperithm. The platform has partnerships with data availability service EigenLayer, liquid staking platform Stader Labs, and Web3 venture Anagram.
Unlike traditional rollups, Versatus LASR is a pure execution environment that shifts compute off-chain without the obligation or costs related to maintaining the state and saving data. LASR can be used to build complex and data intensive smart contracts, enable cross-chain native asset transfers, cross-chain contract integrations and much more.
LASR, the Versatus stateless rollup, is a game-changing technology, enabling stateless verification of programming language-agnostic smart contract transactions. In short, Versatus LASR reduces cost and inefficiencies of Ethereum, eliminates the friction and centralization associated with optimistic roll-ups, all while delivering a 100x better developer experience
Sreeram, founder of EigenLayer, said: “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.
Joseph Eagan, co-founder of Anagram, commented: “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.”
About Versatus
Versatus is a Peer-to-Peer Web Services protocol enabling the best developer experience in the world. Versatus LASR, the World’s first Stateless Rollup, enables developers to build smart contracts in their preferred language, with their preferred tools, seamlessly transitioning web2 developers to web3. Versatus is set to launch a suite of web services, including P2P Functions, P2P Service Hosting & P2P On-Demand Compute. With this suite of services, Versatus enables developers to build without barriers, making web3 the new standard.
With the potential to activate 20 million developers worldwide, Versatus stands on the brink of igniting a Cambrian explosion in the Web3 ecosystem. By nurturing fresh ideas, fostering new applications, and facilitating unprecedented connectivity within the crypto ecosystem, Versatus is laying the groundwork for the mass adoption of this revolutionary technology. Versatus is Web3 Unchained.
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Daniella Assaf
Marketer, MarketAcross
daniella@marketacross.com
