PANews reported on March 20 that according to Fortune, the Walrus Foundation announced that it had successfully raised $140 million in funds, with Standard Crypto as the main investor, and other investors including a16z crypto, Electric Capital, Creditcoin, Lvna Capital, Protagonist, Franklin Templeton Digital Assets, Karatage, RW3 Ventures, Comma3 Ventures and The Raptor Group. The fundraising was completed through the sale of the Walrus protocol's cryptocurrency $WAL, and the total supply of the cryptocurrency is expected to be valued at $2 billion.
The Walrus protocol was developed by Mysten Labs, a company founded by former Meta employees and known for its high-speed blockchain Sui. Walrus aims to address the shortcomings of existing storage protocols in scalability, security, and flexibility by providing faster and cheaper decentralized storage. Although Walrus is still in the testing phase, Mysten Labs has built a website hosting service based on the protocol and plans to launch it on March 27.
