Reddio completes seed round financing, led by Paradigm and Arena.

ChainCatcher news, August 13, the high-performance parallel Ethereum Layer2 network Reddio announced the completion of its seed round financing, led by Paradigm and Arena Holdings.

The project was founded by Neil, a graduate of Stanford Business School and the National University of Singapore, who was the 003 employee at the American cloud service provider Twilio, General Manager for the Eurasia region at PingCAP, and a lecturer at Nanyang Technological University. He is an early evangelist of zk scaling technology and has provided open-source scaling solutions for projects like Starknet.

The high-performance distributed database developed by the team is currently in long-term use by Bybit, OKX, and Square. Since Reddio's main focus is on parallelism and hardware acceleration, GPU miners can participate in the operation of Reddio's nodes in the future.

Currently, the project has launched a staking and task system, and it has also disclosed that it will announce the results of a new Series A financing round soon, with several well-known institutions participating.