On August 2nd, according to Fortune magazine, crypto startup Subzero Labs completed a $20 million seed round financing, led by crypto investment firm Pantera Capital, with participation from crypto venture capital firms Variant, Coinbase Ventures, and the crypto division of high-frequency trading company Susquehanna.
Subzero Labs co-founder and CEO Ade Adepoju declined to disclose the company's valuation for this round. He stated that the transaction was completed in the first quarter of this year, with financing including equity and token subscription warrants (i.e., distribution rights for crypto tokens not yet released).
Subzero Labs plans to launch a new blockchain called Rialo, targeting 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 was reluctant to compare it with existing crypto products. Rialo is designed for developers without a crypto background, allowing engineers to build functions on the blockchain that would typically only be implemented off-chain. For example, it can access off-chain data like FICO credit scores without the need for oracles.
