Subzero Labs raises $20 million to build a “real world” blockchain
Even if Crypto finds increased traction Wall Street Also, few retail investors view blockchain technology as useful or related to everyday life. A crypto startup called Subzero Labs wants to change this and plans to launch its own blockchain designed to go beyond just speculation.
“We’re doing something for real-world users,” said Ade Adepoju, co-founder and CEO of Subzero Labs. luck.
The startup announced Friday it raised $20 million in seed rounds led by crypto investment company Pantera Capital. Other participants included the Crypto Venture Capital Company variant and the venture arm Coinbaseand the crypto desk of high frequency trading company Susquehanna.
Adepoju declined to detail the startup’s assessment. The deals closed in the first quarter of the year were for fairness and token warrants or for allocation of cryptocurrency that had not yet been released, he said.
iPod to iPhone
Adepoju, who lives in New York City at the age of 30, is a long-time engineer. Early in his career, he worked for chip maker AMD, moved to laptop giant Dell, then got a job with streaming titans Netflix. In 2021, he decided to plunge into Crupto when he joined the startup Mysten Labs as an engineer.
Founded by the former Meta Developer Mysten Labs is one of the leading companies behind the SUI blockchain, and its technology comes from Mark Zuckerberg’s attempt to launch his own Stablecoin. Adepoju helped build SUIs from building SUIs to launch, but in early 2024 he took a career break. “I wanted to take a step back and observe what it means to actually make the network a success,” he said.
As he contemplated his next move, he decided to join his co-founder, Lu Zhang, with former Mysten Labs employees, and enter the business of launching his own blockchain. Together they created Subzero Labs, which currently has 20 employees.
Some may argue that when there are dozens of active blockchain projects, the world is not exactly captivating another project. In response, Adepoju claims that there is still none of the enough to run the actual application. “It’s like asking, ‘Do you really need something else?’ or ‘Do you need another iPod?’,” he said. “No, we don’t, but we definitely need an iPhone.”
He hopes that his new blockchain, called Riaro, will become that iPhone. The acronym Rialo is “Rialo is not a layer.” Layer-1 blockchain is similar Ethereum,This is a distributed network of servers that process and store data. Layer 2 is a blockchain built on top of Layer 1 blockchain.
Adepoju says Rialo is not layers 1, 2, 3, 4, 5, or 6. In fact, he is reluctant to compare it to existing crypto products. He says that blockchain is designed for non-cryptic developers, allowing engineers to replicate tools that are normally implemented outside of the blockchain. These include the ability to access information such as FICO scores, other locations on the Internet, or external data providers without the need for an Oracle.
“Camera was shipped on laptops. They were separate before,” he said. “They’ve been bundled up. These things happen with all technology.”