Offchain Labs raised $120 million led by Lightspeed Venture Partners in its Series B financing Tuesday, aiming to expand Ethereum contracts to meet the growing demand for Ethereum transactions.

Other investors include Polychain Capital, Ribbit Capital, Redpoint Ventures, Pantera Capital, Alameda Research, Mark Cuban, etc., participating in this financing.

Offchain Labs stated that it would use the funds raised to further develop the “Optimistic Rollup” extension solution Arbitrum for layer 2 of Ethereum.

As part of the financing agreement, Lightspeed’s co-founder Ravi Mhatre also joined the company’s board of directors.

Another Partner at Lightspeed, Amy Wu, responded to this investment:

“Their dedication to the Ethereum developer community is second to none and they have the best, easiest-to-use scalability product. That’s why over 400 projects have chosen to launch with Arbitrum, including Reddit.”

Arbitrum One is a layer 2 ecosystem based on the Ethereum network officially launched by Offchain Labs in May, supporting users to trade at extremely low prices.

At present, some DEFI protocols based on Ethereum, including Aave, MakerDAO, Chainlink, and Uniswap, have been built on Arbitrum One.

“We are excited to partner with our investors who understand the importance of scaling Ethereum and bringing the Ethereum ecosystem to the masses. The tremendous support we’ve seen from developers across the globe validates our mission to be the first to marry the world of FinTech and Defi,” the Co-founder and CEO of Offchain Labs, Steven Goldfeder, says.

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