Ithaca, the developer of Layer 2 network Odyssey, completes $20 million in financing, with Paradigm participating

According to TechFlow, on October 11, The Block reported that crypto venture capital firm Paradigm announced a $20 million investment in its spin-off Ithaca. Ithaca is developing a new Layer 2 blockchain called Odyssey, which aims to accelerate the development of blockchain technology.

Paradigm CTO and general partner Georgios Konstantopoulos will become Ithaca’s CEO while retaining his role at Paradigm. Paradigm co-founder Matt Huang will serve as Ithaca’s chairman.

Odyssey Layer 2 is built on Reth and OP Stack and is now available on the testnet. Konstantopoulos said Ithaca is building a complete technology stack required by developers and users to achieve faster deployment and lower usage barriers.