Gate Ventures, the venture capital arm of the crypto exchange Gate.io, has announced a strategic investment in Scroll, a native zkEVM Layer 2 solution for Ethereum that enables native compatibility for existing Ethereum applications and tools.
Founded by seasoned veterans with deep expertise in zero-knowledge research and scaling businesses, Scroll is on a mission to solve the existing limitations faced by the Ethereum network, which include low transactions per second and high gas fees via zkRollups. Solving these problems will drastically improve user experiences interacting with Dapps on Ethereum and allow the network to scale more quickly.
Scroll’s product is a fully EVM-compatible zk-Rollup, a bytecode-level compatible zkEVM created so that existing Ethereum applications can migrate over onto Scroll seamlessly. In addition, Scroll is working with several zk-hardware acceleration companies to develop innovative solutions to accelerate its zero-knowledge proofing capabilities further. Partnering with the Ethereum Foundation, the team is dedicated to building the first working zkEVM and is looking to onboard more Dapps into its ecosystem.
Given the increasing number of DeFi, NFT, and GameFi applications being built on Ethereum, Gate Ventures has identified the need for more privacy preservation and scaling solutions that are faster and cheaper with greater EVM compatibility. “We recognize that Scroll has the right team and capabilities to tackle scalability and EVM compatibility issues. We are thrilled to be a part of Scroll’s growth journey,” said Kevin Yang, Managing Partner of Gate Ventures.
About Gate Ventures
Gate Ventures, the venture capital arm of Gate.io, is focused on investments in decentralized infrastructure, ecosystems, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.