Flashbots, an Ethereum infrastructure service, has raised approximately $60 million at a valuation of $1 billion.
Led by Paradigm General Partner Charlie Noyes, the Series B included venture capital firms, Layer-2 networks, angel investors, decentralized exchanges and apps, and MEV supply chain actors.
The funds will be used to develop the Suave platform which will help users “transact cheaper and more privately.” This move follows Flashbots’ aim for unicorn status earlier this year, as reported by The Block.
Noyes stated that he sees Flashbots delivering on some of the more promising aspects of blockchain technology, such as maximizing extractable value (MEV).
Flashbots proposes blocks for validators running the Ethereum blockchain and MEV involves leveraging transaction sequencing to take advantage of profitable on-chain trades.
