Versatus Reaches a $50M Market Cap

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Blockchain scaling startup Versatus Labs, initially focused on Ethereum, secured $2.3 million in a seed funding round, reaching a $50 million valuation. Investors, including NGC Ventures, Republic Crypto, and Hyperithm, participated in the equity plus token warrant round.

The funding, closed in August, brings Versatus’s total to $3.7 million.

Formerly VRRB Labs, Versatus transitioned from a Layer 1 blockchain network to a scaling platform, citing “lack of market demand” for an alternative Layer 1.