MEXC, a Singapore-based cryptocurrency exchange, will set aside $20 million to fund Sei Network advancements. Sei Network, a layer 1 blockchain created for trading, boasts native order matching, frontrunning prevention, smart block propagation, and 600-millisecond on-chain transaction settlement among its features. MEXC Ventures’ investment manager, Leo Zhao, said:
“For the past two years, automated market makers have dominated the cryptocurrency market. Technology limitations like slow speed and smart-contract limitations are a major factor in the absence of a more effective market-making approach. They think Sei’s specialized Layer 1 solution will revolutionize the sector.”
Sei Network raised $5 million from investors including Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, and others in a financing round last August. By that point, the ecosystem had produced more than 20 decentralized applications. Sei claims to have 250,000 testnet users and a blockchain that can process about 22,000 orders per second. Similar to this, other decentralized solutions like dYdX decided to move their blockchain from Ethereum to Cosmos in order to meet exchange trading requirements.
Read more about SEI Network
At the moment, MEXC Ventures manages 300 portfolio firms with an estimated $100 million in assets. In the previous 24 hours, its parent business, MEXC exchange, processed a total trading volume of about $600 million. The company’s permanent future items, which debuted in the fourth quarter of 2018, are well-known.
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