Princeton Expertise-Backed Startup Raises $3.7 Mln to Develop Smart Contract Scalability

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Offchain Labs, a blockchain startup co-founded by a professor at Princeton University, has raised $3.7 million in a seed round led by crypto hedge fund Pantera Capital, TechCrunch reports on April 3.The new funding round was also supported by Compound VC, Raphael Ouzan of Blocknation, Jake Seid, managing director at Stone Bridge Ventures and others.With the investment, Offchain aims to solve major problems associated with enterprise blockchain implementations by bringing more scalability and privacy.By deploying its own protocol, Arbitrum, Offchain developers intend to bring make smart contracts more scalable. Offchain co-founder Ed Felten said that the firm is working on a platform that allows for the scaling of smart contracts in a way that is currently hard to do.Felten, who is both a computer science professor at Princeton and a former deputy CTO to the White House under former President Obama, explained that the platform represents a combination of scalability…

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