According to Cointime, crypto startup EthStorage has successfully raised $7 million in a seed funding round aimed at developing a Layer 2 network focused on scaling Ethereum storage. The funding, led by dao5, was structured as a simple agreement for future tokens (SAFT), resulting in a $100 million valuation for the company.

The investment round featured SevenX Ventures, Foresight Ventures, Sky9 Capital, Gate Ventures, and Galxe as other investors. EthStorage is currently under development with the ambitious goal of achieving petabytes of storage capacity while reducing storage costs by a factor of 1/1000.

This significant milestone underscores the growing interest and investment in blockchain technology and innovative data storage solutions within the sector.