A $140 million funding round has been secured for the Walrus Foundation, an initiative aimed at creating a highly scalable decentralized storage solution built on Sui.
The Walrus protocol, a blockchain-based data storage platform, is currently in its testnet phase. As detailed in a release, funds raised from a private token sale will support the expansion of the data storage network on Sui (SUI).
“This investment marks a pivotal point in revolutionizing decentralized storage. By harnessing Sui’s innovative architecture, we are making data storage programmable, interactive, and secure,” stated Rebecca Simmonds, managing executive of the Walrus Foundation.
Simmonds further noted that with this influx of capital, Walrus intends to seize the increasing demand for programmable storage in the market.
The Sui-based platform, developed by Mysten Labs, is gaining popularity as developers and projects seek its solutions for managing on-chain and off-chain data. Any application can utilize Walrus to publish, access, and program data files, employing Move-based smart contracts.
The integration of storage, availability, and decentralized computing provides users with a solution that significantly enhances what traditional storage services offer.
The Walrus team emphasizes that storage extends beyond mere data retention—it embodies being “dynamic, verifiable, and programmable.” The platform incorporates artificial intelligence datasets, blockchain history, and rich media components.
Adam Goldberg, co-founder and managing director at Standard Crypto, expressed his enthusiasm by saying:
“We have supported Mysten Labs from the outset and, inspired by their capacity to turn research advancements into leading products, we are excited to strengthen our collaboration through this new investment in Walrus.”
The $140 million fundraising also garnered interest from various prominent crypto venture capital firms, such as a16z crypto, Electric Capital, Franklin Templeton Digital Assets, and Comma3 Ventures.
In addition to the funding announcement, the Walrus Foundation revealed that the mainnet for the Walrus protocol is scheduled to go live on March 27, 2025.