Ryodan Systems raises 5 million US dollars
Lucerne - Ryodan Systems has raised a total of 5 million US dollars as part of a first financing round. With this, the tech enterprise will seek to advance the scalability of its Ethereum network and make this accessible to the next billion users.
The Lucerne-based firm Ryodan Systems AG has raised a total of 5 million US dollars after closing a seed funding round. In total, 24 investors and four private investors were involved in the round, further details of which can be found in a press release. These include the angel investors Justin Drake, a researcher at the Ethereum Foundation, Scott Moore, the founder of Gitcoin, Balaji Srinivasan, erstwhile CTO of Coinbase, and Anthony Sassano, founder of The Daily Gwei.
The fresh capital is set to be put towards the zero-knowledge rollup project INTMAX. This is a Layer2 scaling solution for the Ethereum network. According to the press release, scalability is one of the main challenges facing Ethereum. At present, Ethereum Layer1 is limited to a maximum of 100,000 users per day.
INTMAX aims to increase throughput on the main Ethereum network by carrying out calculations and status data storage away from the blockchain with the help of the zero-knowledge rollup protocol. At the same time, the solution does not compromise the decentralization of the network, but rather maintains it.
In this way, Ryodan Systems is confident of “scaling to 1 billion users in a single day, providing the highest performance among the various scalable Layer2 technologies currently being developed”, the press release states. The high scalability is combined with customizable privacy setting for users, with the aim of making INTMAX the world’s universal financial infrastructure.
“INTMAX’s L2 solution for providing scaling and privacy services achieves innovation in technology”, comments Harper Li from HashKey Capital in the press release.
Ryodan Systems was founded by Leona Hioki and Mai Fujimoto from Japan. This year, the company was listed among the Top 50 Best Performing Blockchain Projects in Crypto Valley. In 2022, it was awarded a grant from the Ethereum Foundation.
