South Korea’s blockchain fund Hashed said Wednesday it has invested in a project to boost the Ethereum blockchain system’s scalability to accelerate the development of decentralized applications across industries.
Called Skale Network, the project has raised $17.1 million so far to launch its mainnet by the fourth quarter of this year. Various accelerators worldwide have participated in the project, including ConsenSys Labs, Multicoin Capital, Recruit Holdings and Winklevoss Capital.
According to Hashed, Skale Network is designed to help app developers by providing Ethereum’s Layer 2 solution with faster speeds and lower costs. The company also said it would participate as a validator to accelerate transaction verification by operating nodes.