Ethereum Software Infrastructure Provider Flashbots Raises $60 Million
- Firm focuses on reducing negative impact of so-called MEV
- San Francisco-based venture firm Paradigm led funding round
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Flashbots, a provider of software used to package Ethereum blockchain transactions, raised $60 million to help finance the development of a new version of the technology.
The San Francisco-based firm Paradigm led the series B round, a shift from the recent trend among Silicon Valley venture capitalists pivoting to artificial intelligence companies from crypto. The financing was raised through a so-called “beauty contest for decentralization” in which investors were selected based on their reverse pitches, according to a statement Tuesday from Cayman Islands-based Flashbots. The funding gives it a valuation of of at least $1 billion, a representative of Flashbots said.