The significant amount of money collected will be used to boost hiring processes in Empiric Network.
Empiric Network, an Ethereum (ETH) Layer-2 network, has recently announced that it raised $7M in a seed funding round led by the crypto fund Variant.
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According to the official statement issued on July 15th, the fresh capital will be used to accelerate hiring at Empiric Network, a zk-native decentralized oracle built through the partnership with a blockchain scalability initiative that has $8B in market value dubbed StarkWare.
The fundraiser was also backed by Alameda, cryptocurrency exchange Gemini, CMT, Flow Traders, and Jane Street, as well as ecosystem partners such as StarkWare, Polygon co-founder Sandeep Nailwal, and ROAD Capital.
As stated by Karl Oskar Schulz, co-founder of Empiric Network, the recently fired-up decentralized blockchain oracle on StarkNet was built with the purpose of boosting DeFi by providing it with the necessary data.
Empiric Network functions completely differently when compared to the traditional centralized oracles. For instance, it acts as a decentralized oracle that is fully transparent, composable, and secure as smart contracts. On top of that, it provides its users the ability to audit the data retrieved from the blockchain on its own blockchain. The official report read:
“With our deep knowledge of zk-technology and the ecosystem, we’re here to build the decentralized data infrastructure our industry needs.”
