The scaling network Layer N has raised $5 million in a seed funding round led by PayPal co-founder Peter Thiel’s Founders Fund and investment collective dao5.
Other notable crypto funds and angel investors also participated in the round.
The project describes itself as Ethereum’s financial layer, with low fees and high transaction throughput.
It aims to rival traditional financial networks.
Earlier this year, The Block reported that Thiel may have met Satoshi Nakamoto in Aguilla, Mexico, over 20 years ago.
Founders Fund’s increasing crypto focusPeter Thiel’s fund accounted for 1.8 million of the total amount raised in Layer N’s funding round, the team behind the project previously told The Block.
In April, the Founders Fund hired Pantera Capital’s former chief investment officer, Joey Krug, as a partner.
Thiel has long been a supporter of Bitcoin BTC and crypto generally, and reports have even indicated that he may have crossed paths with Satoshi Nakomoto some time ago.
His fund also