Offchain Labs pockets $3.7 million funding

Blockchain startup Offchain Labs has received  $3.7M seed round funding, TechCrunch writes. Pantera Capital is leading the fundraiser, with participation from Compound VC, Raphael Ouzan of Blocknation, and Jake Seid, Stone Bridge Ventures’ managing director. With the new funds, the startup is hoping to launch a Beta version of its Arbitrum protocol. 

The company has created a protocol to enable the creation of scalable smart contracts. According to Ed Felten, Offchain Labs’ co-founder, the startup is now working on creating a platform that would allow users to scale “to more transactions per second, more users, and to contracts that have more code and still have more data in them.”

Offchain Labs is also trying to find a way to provide users with more privacy so that they wouldn’t need to publish so much information on a public blockchain. Thus, it would like to keep information such as the contracts’ details or the code off a public chain.