NFT Scaling Startup Immutable Raises $60 Million In Series B Funding

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“The Australian startup Immutable, creator of the NFT-focused Ethereum Layer 2 protocol Immutable X, has raised $60 million in a new funding round — bringing its total raised to $77.5 million.” 

Immutable X is a layer 2 scaling solution on Ethereum, similar to the way Polygon Matic is used in a transactional way. The Big difference is there is zero gas fees, which makes all NFT transactions on Immutable X carbon neutral. They accomplish this by using zero-knowledge proofs to validate transactions off-chain, but gas fees for minting are removed.

With Carbon neutrality being such a controversial subject matter, this leaves Immutable X to be in a position to be desired for.

“BITKRAFT Ventures and King River Capital co-led the round, according to a press release. Other participants included Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund.”