Walrus Foundation raises $140 million from Standard Crypto and a16z to build high-speed storage networks

PANews March 20th news, according to Fortune, the Walrus Foundation announced the successful raising of $140 million in funding, with the main investor being Standard Crypto, and other investors include Andreessen Horowitz (a16z)'s crypto division, Electric Capital and Franklin Templeton Digital Assets. The fundraising was completed through the sale of the Walrus protocol's cryptocurrency $WAL, which is expected to be valued at $2 billion.

The Walrus protocol was developed by Mysten Labs, a company founded by former Meta employees and is well-known for its high-speed blockchain Sui. Walrus aims to address the lack of scalability, security and flexibility of existing storage protocols by providing faster and cheaper decentralized storage. Although Walrus is still in beta, Mysten Labs has built a website hosting service based on the protocol and is scheduled to go live on March 27.