Paul Hastings LLP, a leading global law firm, advised Offchain Labs in a $3.7 million seed investment led by Pantera Capital. The funding was announced on April 3, 2019. The Paul Hastings team was led by partners Yariv Katz and Sam Waxman and also included associate A.J. Warner.
New York – Enterprise blockchain startup Offchain Labs recognized that two limiting factors to enterprise blockchain adoption have been concerns around privacy and scalability. In that regard, Offchain has set out to help create more scalable, blockchain-based smart contracts while also increasing privacy by shifting part of the process off of the public blockchain. To accomplish that, Offchain secured a seed round of financing led by Pantera Capital to grow their team to build out Arbitrum, its blockchain-agnostic scaling solution.
Offchain Labs, a startup that spun out of research at Princeton, is focused on utilizing blockchain for smart contracts which allow for the performance of transactions that can eliminate the need for certain thirty party intermediaries. “We’re working to build a platform for smart contract development that provides what we think developers want, a combination of scalability so that you can scale to more transactions per second, more users, and to contracts that have more code and still have more data in them,” said Offchain co-founder Ed Felten, a computer science professor and former Deputy CTO to the White House under President Obama.
Offchain began as an academic prototype at Princeton University developed by Felten and co-founders Steven Goldfeder and Harry Kalodner, Since then, Offchain, which has been advised by Paul Hastings on the formation of the company and related corporate matters as well as this recent financing, has shown the credentials and the platform that has attracted the attention of investors. With this seed round, Offchain is poised to bring to life a solution to a persistent problem for blockchain developers.