The crypto firm Layer N announced on Wednesday a seed round of $5 million co-led by the Peter Thiel-backed Founders Fund and the decentralized investment group dao5, as well as Kraken Ventures and Spencer Noon, a former partner at the crypto fund Variant.
Layer N is a layer-2, or a type of blockchain built on top of a different blockchain—in this case, Ethereum—to help increase speed and capacity. The investment from Founders Fund represents the venture firm’s second foray into crypto since its April hire of new partner Joey Krug, the former co-chief investment officer of the crypto-focused venture firm Pantera.
