TechFlow news, March 20 — According to Fortune, the core entity of the blockchain storage protocol Walrus, the Walrus Foundation, has announced a $140 million funding round led by Standard Crypto. Other prominent investors participating in this round include Andreessen Horowitz's (a16z) crypto division, Electric Capital, and Franklin Templeton's digital assets division. This funding values the total supply of Walrus protocol's cryptocurrency (token symbol: $WAL) at $2 billion.
Adam Goldberg, Managing Director and Co-Founder of Standard Crypto, stated in a press release: "Previous attempts at on-chain storage have faced challenges in scalability, flexibility, and security." The Walrus protocol was developed by Mysten Labs, the team behind the Sui blockchain. Evan Cheng, Co-Founder and CEO of Mysten Labs, told Fortune that the $140 million raise was completed within just the past three weeks, highlighting "very strong market demand." This marks Mysten Labs' first fundraising effort for Walrus.
