The Walrus protocol, a data storage solution utilizing blockchain technology, announced it secured $140 million during a private token sale for its native token, WAL, with leadership from Standard Crypto.
The protocol’s mainnet, initially created by Mysten Labs on the layer-1 Sui blockchain, is set to launch on March 27, according to the Walrus Foundation’s announcement on Thursday.
Walrus aims to take advantage of the increasing need for extensive data storage, particularly propelled by the rapid rise of artificial intelligence (AI) applications over the past few years.
“By harnessing Sui’s distinctive architecture, we’re transforming data storage into a programmable, interactive, and secure process,” stated Rebecca Simmonds, managing executive of the Walrus Foundation.
The capital raised through the token sale, which saw involvement from a16z crypto, Electric Capital, Franklin Templeton Digital Assets, and RW3 Ventures, will support the expansion of the decentralized data storage protocol and the development of additional applications built on top of it.