BlockBeats news, on August 2, according to Fortune magazine, the cryptocurrency startup Subzero Labs completed a $20 million seed round financing, led by the cryptocurrency investment firm Pantera Capital, with participation from crypto venture capital firms Variant, Coinbase Ventures, and the high-frequency trading firm Susquehanna's cryptocurrency division.
Ade Adepoju, co-founder and CEO of Subzero Labs, declined to disclose the company's valuation for this round of financing. He stated that the transaction was completed in the first quarter of this year, and the financing took the form of equity and token subscription warrants (i.e., rights to allocate future unreleased cryptocurrency tokens).
Subzero Labs plans to launch a new type of blockchain called Rialo, which is aimed at real-world applications. Rialo is not a traditional Layer 1 blockchain—Adepoju stated that it 'is not Layer 1, 2, 3, 4, 5, or 6,' and he is reluctant to compare it to existing cryptocurrency products. Rialo is designed for developers without a cryptocurrency background, allowing engineers to build functionalities on the blockchain that are typically only achievable off-chain. For example, it can access off-chain data like FICO credit scores without the need for oracles.