Hyperithm invests in Versatus Labs, which provides Ethereum scaling platform

https://versatus.io/
Comment from Versatus Labs founder and CEO, Andrew Smith
The biggest problem facing web3 today is the lack of engineers to build dApps. There are over 27 million engineers worldwide, but only 20,000 are developing with web3, and most of them only work on projects part-time. There are only 6,500 people working full time on web3. The result is a lack of use cases and a lack of killer dApps that actually engage users.
Engineers go before users and develop applications that users want to use. Versatus is 100% focused and dedicated to onboarding the first 1 million engineers to web3. By achieving this goal with a scalable stateless layer, killer apps will be discovered and lead to mass adoption. And if you keep repeating this, you’ll get the same result again.
As anyone who is actively participating in web3 knows, the current state of web3 is like a glamorous online casino. There are virtually no real-world use cases available on the market that are beyond speculation. The killer app is the feature of mass experimentation. Killer apps don’t just appear, they’re created. For every killer app, nearly 200,000 apps never hit. Versatus has long focused on providing a versatile execution environment that makes the engineer onboarding process easier, cheaper, and faster. That’s what Versatus and our first product, LASR, offer.
We are very proud that one of the world’s best funds has invested in us. We also look forward to working with Hyperithm to bring LASR to the world in the coming weeks.
Comment from Hyperithm CEO Lloyd Lee
We share Versatus’ vision of scaling Ethereum and attracting more talent to the crypto industry. As a crypto asset management company, Hyperithm has a team consisting mainly of software engineers due to the practical needs of quantitative trading infrastructure development and in-house dApp development. Under such circumstances, I feel that there are few engineers in Japan and South Korea who are interested in cryptography. We wholeheartedly support Versatus’ efforts to improve the development experience and aim to attract more engineers to the crypto space. Through this partnership, we hope to raise awareness of Versatus in the APAC region and develop blockchain technology globally.
About Hyperithm Group
Since its founding in January 2018, Hyperithm has been operating a crypto asset wealth management business targeting institutional investors based in Japan and South Korea. In Japan, we have completed the notification of special business operations for qualified institutional investors, etc., and in South Korea, we have completed the notification of a crypto asset business equivalent to the crypto asset exchange business in Japan. In March 2022, we raised funding from Coinbase Ventures in a Series B bridge round. From May 2022, we will begin operating Japan’s first Bitcoin-denominated fund based on special operations for qualified institutional investors.
Additionally, in June 2022, we established the Web3 Fund with the aim of revitalizing the Web3 ecosystem and are actively investing. 【Company Profile】
Company name: HYPERITHM Co., Ltd.
Representative: Representative Director Lloyd Lee
Head office location: FINOLAB, 4th floor, Otemachi Building, 1-6-1 Otemachi, Chiyoda-ku, Tokyo
Established: January 2018
Number of officers and employees: 30 (including affiliated companies) Overseas base: South Korea
Company website: https://hyperithm.jp
Hyperithm Invests in “Versatus Labs,” an Ethereum Scaling Startup Hyperithm has invested in “Versatus Labs,” an Ethereum Scaling solution. About Versatus
Versatus is building a “stateless rollup” called LASR. The rollup chain doesn’t maintain the entire state or data, which can lead to enhanced scalability. A stateless rollup takes “only the absolutely necessary data” of transactions and settles it on the base layer. LASR is layer-agnostic and can work with any layer or blockchain. Additionally, LASR can be a Layer 2 on top of a Layer 1, or it can be a Layer 3 on top of a Layer 2, and it can be an off- chain execution environment for Layer 1s. As LASR is currently focused on Ethereum scaling, it aims to reduce “the cost and inefficiencies of Ethereum, eliminate the friction and centralization associated with optimistic rollups, all while delivering a 100x better developer experience.” For more information, visit: https://versatus.io/
Andrew Smith, founder and CEO of Versatus Labs’ Comment
The number 1 problem facing web3 today is the lack of developers building dApps. There are over 27 million developers worldwide, and only about 20,000 are building in web3, most of whom are only participating in projects part-time. Only about 6,500 developers are building in web3 full-time. As a result of this, there is a lack of diverse use cases and a lack of killer dApps that would actually attract users. Developers precede users as they build the applications that users want to use. Versatus is 100% focused on and dedicated to onboarding the first 1 million developers into web3. By accomplishing this goal on a scalable stateless layer, killer apps will be discovered, and mass adoption will follow. If we keep doing the same things over and over, we will get the same results. As any active web3 participant knows, the current state of web3 is effectively a colorful online casino. There are virtually no real-world use cases outside of speculation that have been delivered to the market. Killer apps are a function of mass experimentation. Killer apps don’t just appear. They are built. For every 1 killer app, there are close to 200,000 that fail to gain any traction at all. It is long past time that we shift our focus to delivering versatile execution environments that make the process of onboarding developers easier, cheaper, and faster. That is what Versatus and our first product, LASR, promise to deliver. We are extremely proud to have one of the best funds in the world invested in us, and we look forward to working with Hyperithm to bring LASR to market in the coming weeks.
Lloyd Lee, Hyperithm CEO’s Comment
I’m excited to announce Hyperithm’s investment in Versatus. We share Versatus’ vision to scale Ethereum and attract more talent to the crypto industry. As a Crypto asset manager, Hyperithm has a team primarily composed of software engineers, given our substantial requirements for quant trading infrastructure development and in-house dApp development. Within this context, we have noticed a shortage of engineers interested in crypto in Japan and Korea. We wholeheartedly support Versatus in their efforts to enhance the development experience, aiming to attract more engineers to the crypto space. Through this special partnership, we look forward to introducing Versatus to the APAC region and advancing blockchain technology globally.”
About Hyperithm Group
Since its foundation in 2018, Hyperithm, operating from Japan and Korea, has been heavily involved in developing its crypto asset wealth management business for an array of institutional investors as well as others. March 2022 marked another major milestone as Hyperithm completed a Series B bridge round funding from Coinbase Ventures. In May 2022, the company began managing Japan’s first Bitcoin-denominated fund under the Qualified Institutional Investors Exemption Program. In June 2022, we established a Web3 ecosystem fund with the aim of revitalizing the Web3 ecosystem and have been actively investing in promising projects that seek to positively contribute to the growth of Web3.
For more information, visit: https://hyperithm.jp