Matter Labs reportedly disclosed specifics related to significant financial support it just received via fundraising, to continue the development of the second version of its Ethereum-based rollups, zkSync.

Specifically, on November 8th, Matter Labs reportedly disclosed details of its success in obtaining $50 million via a Series B round led by Andreessen Horowitz, which saw participation from current investors Placeholder and Dragonfly Capital.

The new round reportedly took place not long after a previously concluded $6 million Series A in February, which had a variety of new investors including Crypto.com, ConsenSys, and OKEx taking part in. 

The freshly acquired financial support will reportedly be directed towards the development continuation of zkSync v2 – the company’s Ether-focused second-layer rollups solution, which is primarily concentrating on low-cost payments at the moment. 

Rollups are a second-layer scaling solution which “rolls up” transactions data in batches to achieve an enhanced level of efficiency, regarding Ethereum’s layer-one processing. 

Matter’s zkSync solution reportedly aims to utilize zero-knowledge proofs, to bring the data stored in these bundled transactions to the minimum, consequently bringing down the computing and storage resources needed for block validation. 

zkSync v2 will reportedly be designed on the existing iteration, via supporting Ethereum Virtual Machine (EVM) composable smart contracts. 

“zkSync will enable Ethereum transactions at a much higher rate and lower gas fees than mainnet. The math used by Matter Labs is really quite beautiful, and it is remarkable to see this coming to fruition at a massive scale so soon.” Dan Boneh, Professor of Computer Science at Stanford, reportedly offered further explanation.