Kroma Secures Series A Funding from Prominent Investors
Seoul, Korea, Sept. 02, 2024 (GLOBE NEWSWIRE) — Kroma, a prominent Layer 2 blockchain solution provider, has successfully completed its Series A funding round and publicly announced the participation of a diverse group of investors. The round secured backing from Asia Advisors Korea, Gate Ventures, ICC Venture, Planetarium, Presto, RFD Capital, Taisu Ventures, The Spartan Group, Waterdrip Capital, and other additional partners have also participated in this round.
Kroma is Asia’s leading Layer 2 solution, designed to make Web3 accessible through intuitive, gamified real-life decentralized applications (dApps). Built on the OP Stack, Kroma is the first Ethereum Layer 2 solution to implement zk fault proofs, creating a permissionless network for validators. By using its modular zero-knowledge (zk) proving library, Tachyon, the network enhances transaction speed and reduces gas fees, making zk proof generation more cost-efficient and faster.
Kroma is also pioneering Native Account Abstraction (AA) within the Superchain ecosystem to deliver a seamless Web3 gaming experience. With over 81 partners, including SK Planet, Xangle, and Hexlant, Kroma is expanding its impact across gaming, DeFi, NFTs, and beyond, contributing essential technology to the community.
Kroma has recently completed a significant shift in its shareholding structure, transitioning from a subsidiary of Wemade to hosting a broader base of shareholders and partners centered around the founders and management. This change positions Kroma to drive its global business forward with enhanced support from a diverse range of stakeholders.
Kroma will continue to collaborate with Wemade on various initiatives and ensure the continued growth of the Gamified Web3 ecosystem. To further this goal, Kroma has secured key investors such as ICC Venture, ISKRA, Overtake, Planetarium, Wellxy, and XStar, and looks forward to ongoing collaboration with these partners.
The capital raised will be directed towards further advancing Kroma’s infrastructure, with an emphasis on expanding its functionalities and enhancing the platform’s development. Kroma’s applications are designed to appeal to a broad audience while maintaining high standards of security and operational efficiency.
Taekyu Park, CEO of Kroma, stated, “This investment reflects strong confidence in Kroma’s technology and strategic vision. We look forward to leveraging this funding to enhance our Layer 2 solutions, ensuring we continue to deliver efficient and secure blockchain services.”
Kroma’s strategic direction and technological innovations have garnered significant attention from the investment community. The funds will play a crucial role in scaling operations and integrating new features, further solidifying Kroma’s position in the evolving blockchain landscape.
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Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
CONTACT: Tani Jeong Marketing at lightscale.io
