Walrus Foundation raises $140 million from Standard Crypto and a16z to build high-speed storage network

According to Fortune, the Walrus Foundation announced the successful fundraising of $140 million, with Standard Crypto as the main investor, and other investors including Andreessen Horowitz's crypto division, Electric Capital, and Franklin Templeton Digital Assets. This fundraising was completed through the sale of the Walrus protocol cryptocurrency WAL, and it is expected that the total supply of this cryptocurrency will be valued at $2 billion. The Walrus protocol was developed by Mysten Labs, a company founded by former Meta employees and known for its high-speed blockchain Sui. Walrus aims to address the shortcomings of existing storage protocols in scalability, security, and flexibility by providing faster and cheaper decentralized storage. Although Walrus is still in the testing phase, Mysten Labs has built a website hosting service based on the protocol and plans to launch it on March 27th.