Blockchain Infrastructure Firm Skip Raises $6.5 Million

Blockchain Infrastructure Firm Skip Raises $6.5 Million

  • Skip Protocol recently announced that it has raised $6.5 million. These are the details.

Skip Protocol recently announced that it has raised $6.5 million.

Funding Round: seed

Funding Amount: $6.5 million

Investors: The round was led by Bain Capital Crypto, with participation from investors including Jump Crypto, Galaxy, Robot Ventures, Lightspeed Faction, IEX Group, Informal Systems, Sommelier co-founder Zaki Manian and Celestia COO Nick White, and JUNO co-founder Jake Hartnell, among others.

What does skipping do: Launched in 2022 by veteran software developers Barry Plunkett and Maghnus Mareneck, Skip allows users and merchants to pay for transaction prioritization and privacy in a sealed auction with the goal of democratizing access to MEV opportunities and earnings. Skip’s infrastructure is designed to share MEV profits with validators, brokers, and protocols, while making it easier for traders to implement their strategies. In addition, it also protects users from gas wars, transaction spam, forward attacks, sandwich attacks, and other negative aspects of toxic MEV mining.

What will the funding be used for: The funding will be used to support its development of an innovative platform to bring a multibillion-dollar marketplace for prioritizing, reordering, and aggregating transactions (often known as “Miner Extractable Value” or “MEV”) to the Cosmos blockchain ecosystem and other rapidly emerging proof-of-stake ecosystems.

Key quotes:

“Sovereign and interoperable blockchains in the Cosmos ecosystem are driving some of the most exciting innovations in DeFi. But the presence of toxic forms of MEV, including spam and latency wars, has limited financial upside and hurt the user experience of those who build and invest in it. Skip’s goal is to give chains and their communities a toolkit that allows them to determine how MEVs are extracted and where profits accrue. We are excited to leverage our infrastructure to help users, validators, presenters, relays, and others capture the value that they help create and achieve financial sustainability.”

– Barry Plunkett, Co-Founder and Co-CEO of Skip

“The long-term growth of App Chains and L1s in the Cosmos ecosystem depends on the rewards that blockchains can sustainably provide to participants, and Skip’s blockchain-centric, user- and infrastructure-centric approach will help them deliver significant monetary value and improved network efficiency. We are pleased to drive the growth of such an ecosystem. We are as important as Cosmos and we thank our dedicated investors, enthusiastic verification partners, and welcoming ecosystem partners for their support.”

– Maghnus Mareneck, co-founder and co-CEO of Skip

“In order to reduce exploits, protect users, and speed up critical actions, every decentralized network will need a thoughtful formulation of how it prioritizes transactions. Skip is building the essential infrastructure to implement these capabilities. Barry and Mag build Skip by leveraging years of technical experience in DE Shaw and Atlassian develop software, financial markets, and original web3 products.Working closely with them from the start, we couldn’t be more impressed and confident in their technical implementation, user-centered values, and a clear vision of how networks will evolve in the coming decades – a view he shares Clearly the persuasive community of protocols, auditors, contractors, traders and others who come together in this funding to support the development of Skip.”

– Kevin Zhang, Venture Partner with Bain Capital Crypto

“The Cosmos ecosystem is currently exploring a new part of the decentralized protocol design space across the blockchains of applications – and Skip is significantly expanding the value and type of MEV in the market. The Skip team has a very unique background that combines academic mechanism design research with hands-on software engineering that allows them to improve the efficiency of The Cosmos ecosystem in the same way it has improved MEV Ethereum auctions.”

– Tarun Chitra, Managing Partner, Robot Ventures

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