Quick take: 
<ul> 
 <li>Waterfall has raised $2 million in a Series Pre-A round led by ByteTrade.</li> 
 <li>The layer-1 blockchain developer will use the new funds to accelerate its mainnet launch.</li> 
 <li>Waterfall’s highly scalable smart contract platform recently passed “intense due diligence”.</li> 
</ul> 
Waterfall Network has announced a $2 million funding round led by ByteTrade Lab. The layer-1 blockchain developer said it will use the funds from the current round to accelerate its mainnet launch, currently scheduled for Q1 2024. 
According to the announcement, ByteTrade, which offers a suite of blockchain-based technologies including zero-knowledge proofs conducted an “extensive six-month due diligence process that successfully tested EMV-compatible DApps and assessments of both the Waterfall team and its technological infrastructure,” before investing in Waterfall. 
Commenting on his company’s leading role in the Series Pre-A round Dr Lucas Lu, the CEO of ByteTrade Lab said: “ByteTrade Lab’s investment in Waterfall Network is not just a strategic move, it’s a bold declaration of our commitment to the decentralized web that we’re building to grant users increased access and full control over their data.”&nbsp; 
“Smart contracts are the cornerstone of trust and autonomy in the digital age, and our commitment to this technology reflects our dedication to reshaping the digital landscape. This is a bold step toward a more open, secure, and limitless digital frontier,” Lu added. 
Waterfall’s smart contract platform is being developed in collaboration with BlueWave Corp, a software developer focusing on providing unlimited scalability, security and decentralisation to Web3 builders. 
Blue Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research commented: “We look forward to the expertise and resources ByteTrade can offer as an engaged partner that will strengthen and improve on Waterfall’s innovative approach to building a new kind of layer one blockchain.”&nbsp; 
Waterfall uses a “one person, one vote” consensus mechanism, ensuring that money is not used to dictate the governance of the platform. 
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The post <a rel="nofollow" href="https://www.nftgators.com/waterfall-secures-2m-series-pre-a-round-ahead-of-mainnet-launch/">Waterfall Secures $2M Series Pre-A Round Ahead of Mainnet Launch</a> appeared first on <a rel="nofollow" href="https://www.nftgators.com">NFTgators </a>.

Waterfall Secures $2M Series Pre-A Round Ahead of Mainnet Launch

NFTgators

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