DoubleZero Foundation completes $28 million financing at $400 million valuation, led by Dragonfly and Multicoin Capital

PANews reported on March 6 that according to CoinDesk, people familiar with the matter revealed that startup DoubleZero Foundation completed a $28 million financing with a valuation of $400 million, led by Dragonfly and Multicoin Capital. DoubleZero Foundation is currently looking for a "strategic partner" to seek more strategic financing at a valuation of $600 million, and the strategic financing is not over yet.

According to reports, DoubleZero is building a "new type of Internet" to improve blockchain performance, with its vision to build a global private optical cable network and then use these optical cables to enable blockchains to transmit data more efficiently than on the public Internet. The project is seen as a key technology for Solana to achieve its grand plan to process one million transactions per second. DoubleZero is opening its licensed testnet to Solana validators and RPC, and plans to gradually expand to other chains. Its optical cable network is connected to dedicated lines operated by Jump Crypto, RockawayX, Distributed Global, Latitude and Terraswitch, and is accepting more contributors.