Crypto startup Subzero Labs has completed a $20 million seed round financing, with Pantera Capital leading the investment.

August 2nd: As per Fortune magazine, the cryptocurrency startup Subzero Labs has successfully completed a $20 million seed round of financing. This round was spearheaded by the crypto investment firm Pantera Capital, and it saw the participation of crypto venture funds Variant and Coinbase Ventures, as well as the crypto division of the high-frequency trading firm Susquehanna. Subzero Labs' Co-founder and CEO, Ade Adepoju, declined to reveal the company's valuation subsequent to this financing round. He mentioned that the transaction was finalized in the first quarter of this year and encompassed a combination of equity and token warrants (that is, allocation rights to future yet-to-be-released crypto tokens). Subzero Labs intends to launch a novel blockchain named Rialo, which is crafted for real-world applications. Rialo is not a conventional Layer 1 blockchain - in Adepoju's words, it is "neither Layer 1, 2, 3, 4, 5, nor 6", and he is hesitant to draw comparisons with existing crypto products. Rialo is targeted at non-crypto developers, enabling engineers to build upon the blockchain functions that are typically off-chain. For instance, it can access off-chain data without the requirement of an oracle, like FICO credit scores.