Cryptocurrency startup Subzero Labs has completed a $20 million seed round financing, led by Pantera Capital

ChainCatcher news, according to Fortune magazine, the crypto startup Subzero Labs has completed a $20 million seed round financing, led by the crypto investment firm Pantera Capital, with participation from crypto venture capital firms Variant, Coinbase Ventures, and the high-frequency trading firm Susquehanna's crypto division.

Subzero Labs co-founder and CEO Ade Adepoju declined to disclose the company's valuation for this round of financing. He stated that the transaction was completed in the first quarter of this year, and the financing included equity and token subscription warrants (i.e., the right to allocate future unreleased crypto tokens).

Subzero Labs plans to launch a new blockchain for real-world applications called Rialo. Rialo is not a traditional Layer 1 blockchain—Adepoju stated that it "is not Layer 1, 2, 3, 4, 5, or 6," and he is reluctant to compare it to existing crypto products. Rialo is designed for developers without a crypto background, allowing engineers to build functionalities on the blockchain that are typically only achievable off-chain. For example, it can access off-chain data such as FICO credit scores without the need for oracles.