Pencil Protocol's Funding Round Values Company at $80 Million
CryptoNewsTerminal Staff02 Sep, 2024
Pencil Protocol's Funding Round Values Company at $80 Million
Pencil Protocol, a decentralized finance (DeFi) project on the Ethereum Layer 2 network Scroll, recently announced a strategic funding round that values the company at $80 million, as per their official Medium account. DePIN X, Tyusu Ventures, BlackGM Capital, and Bv were among the main investors in Pencil Protocol. The funding will be utilized to improve Pencil Protocol's products and expand the team. The protocol, which allows users to borrow and lend assets with ease, is one of Scroll's most popular decentralized applications (dApps). Scroll is an optimistic rollup that can increase Ethereum's transaction capacity. Pencil Protocol's fundraising is a sign of the rising interest in Layer 2 solutions, which are seen as important for scaling Ethereum. As DeFi continues to gain importance, the demand for Layer 2 solutions is likely to grow as well.
