Peter Thiel-Backed Founders Fund Invests in Layer N’s Ethereum Scaling Tech

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By BitcoinWiki News

Key Takeaways:

– Layer N, a new Ethereum scaling network, has raised $5 million in a seed funding round
– The funding round was led by PayPal co-founder Peter Thiel’s Founders Fund and investment collective dao5
– Other notable crypto investment firms, such as Kraken Ventures, Mirana Ventures, GSR, and Amber Group, also participated in the round
– Layer N aims to build Ethereum’s financial superlayer with low fees and high transaction throughput
– It is the first layer 2 network on Ethereum designed specifically for DeFi and aims to rival traditional financial networks
– The funding round marks an important milestone for Layer N
– Peter Thiel’s Founders Fund contributed $1.8 million to the funding round
– Thiel has been a long-time proponent of Bitcoin and crypto
– Reports suggest that Thiel may have crossed paths with Satoshi Nakamoto over 20 years ago
– Thiel’s fund realized over $1 billion in profits from selling its crypto holdings before the market crashed.


Layer N, a new Ethereum scaling network, has raised $5 million in a seed funding round led by PayPal co-founder Peter Thiel’s Founders Fund and investment collective dao5. The funding round also saw participation from crypto investment firms Kraken Ventures, Mirana Ventures, GSR, and Amber Group. Layer N aims to be Ethereum’s financial layer, offering low fees and high transaction throughput. The funding round is seen as a milestone for the project in building Ethereum’s financial superlayer. Thiel’s Founders Fund contributed $1.8 million to the total funds raised. The investment comes after the fund hired former Pantera Capital co-chief investment officer Joey Krug as a partner. Thiel has long been a supporter of Bitcoin and crypto and is reported to have had a connection to Bitcoin creator Satoshi Nakamoto.

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