Subzero Labs raises $20 million in funding to launch innovative Blockchain Rialo

On August 2, according to Fortune magazine, the encryption startup Subzero Labs completed a $20 million seed round financing, led by the encryption investment firm Pantera Capital, with participation from the encryption venture capital firm Variant, a venture capital department of a certain trading platform, and the encryption department of the high-frequency trading company Susquehanna.

Subzero Labs co-founder and CEO Ade Adepoju declined to disclose the company valuation for this round of financing. He stated that the transaction was completed in the first quarter of this year, with financing forms including equity and token subscription warrants (i.e., the right to allocate future yet-to-be-released encryption tokens).

Subzero Labs plans to launch a new type of blockchain called Rialo, aimed at real-world applications. Rialo is not a traditional Layer 1 blockchain—Adepoju stated that it "is not Layer 1, 2, 3, 4, 5, or 6," and he is hesitant to compare it to existing encryption products. Rialo is designed for developers without a background in encryption, allowing engineers to build functions on the blockchain that are typically only achievable off-chain. For example, it can access off-chain data like FICO credit scores without the need for oracles.