Restaking platform Eigen Labs has announced the launch of EigenCloud with support from a16z.
Eigen Labs has launched EigenCloud, a new platform built on the Ethereum restake protocol that aims to offer verifiable trust for Web2 and Web3 applications, Forbes reported.
The launch was prompted by a $70 million investment from a16z crypto, the blockchain-focused arm of Andreessen Horowitz.
Accordingly, a16z crypto led Eigen Labs’ $100 million Series B round by purchasing $70 million worth of EigenLayer’s EIGEN tokens.
The funds raised in the Series B funding round will help accelerate the launch and commercialization of EigenLayer’s new developer platform, EigenCloud.
Ethereum co-founder and Consensys CEO Joe Lubin said:
“We are entering a new era where verifiability is a fundamental building block of the internet, and EigenCloud is a bold step in that direction.
“By bringing verifiability to the cloud-based developer experience, Sreeram and Eigen Labs have become best-in-class leaders in expanding what is possible on Ethereum and advancing the infrastructure for more trustworthy digital systems.”
EigenLayer allows Ethereum stakers to “re-stake” their ETH to secure third-party services known as autonomous verifiable services.
Following the news, the EIGEN price moved slightly.
*This is not investment advice.
