Subzero Labs raises $20 million to create the Rialo blockchain
On August 2, the blockchain startup Subzero Labs secured $20 million in seed funding, as reported by Fortune magazine. The round was led by Pantera Capital, with participation from heavyweight investors such as Variant, Coinbase Ventures, and the cryptocurrency arm of Susquehanna.
Subzero Labs is developing the Rialo blockchain, a platform designed to go beyond financial speculation. The goal is to overcome the current limitations of crypto technology, focusing on applications in the "real world."
Co-founder Ade Adepoju, who was an engineer at Mysten Labs and participated in the development of the Sui blockchain, leads the project. His vision is to enable developers outside the crypto space to integrate external data (such as FICO credit scores) directly into the blockchain, without the need for oracles.
The Subzero Labs team currently has 20 members. The funding includes rights to subscribe for shares and tokens, but the company's valuation has not been disclosed.
