Briefly:
Ithaca is developing Odyssey, a layer 2 network that it calls a blockchain “from the future.” The layer 2 blockchain built with Reth and OP stack is currently live on the testnet. Paradigm announced Friday that it has invested $20 million in the spinoff.
Paradigm has invested $20 million in Ithaca, a Web3 startup spun off from a Web3-focused venture capital firm.
Ithaca is building a new layer 2 network odyssey called blockchain “from the future.” Built on Reth, the OP stack is currently live on the testnet, according to Friday’s announcement.
The company announced that Georgios Konstantopoulos, Paradigm’s general partner and chief technology officer, will serve as CEO of the new spinoff.
Odyssey is part of Ithaca’s new digital asset strategy, which will see the venture capital firm build out a stack of new technology products.
“Think of Ithaca as a company that builds a full stack of products and tools that developers need to ship faster and consumers with less friction,” Konstantopoulos told The Block. told.
Konstantopoulos will remain as Paradigm’s CTO, but Ithaca will operate independently from the crypto VC firm and join Uniswap, Coinbase, Flashbots and others as portfolio companies on Paradigm’s books.
According to Konstantopoulos, Ithaca and Odyssey are part of Paradigm’s recent ongoing development work aimed at “accelerating cryptocurrencies.”
“The whole crypto industry needs to accelerate, and by acceleration I don’t just mean more transactions per second, I mean higher innovation, faster iterating on exciting new things that only crypto can do. ,” he said.
Konstantopoulos believes Odyssey is different from other Layer 2s. He called it “Layer 2 from the future,” explaining that Ithaca’s L2 “features multiple features from the future of Ethereum’s roadmap that have not yet been built by other teams.” .
Konstantopoulos believes that Odyssey “enables more powerful smart contracts,” which will solve the challenge of “smooth onboarding of cryptocurrencies.”
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