The entity behind the Walrus protocol, Walrus Foundation, has completed a $140 million financing round, with participation from Standard Crypto and a16z.

According to Fortune, the Walrus Foundation, the core entity of the blockchain storage protocol Walrus, announced the completion of a $140 million funding round, with Standard Crypto as the main investor. Other notable investors participating in the round include Andreessen Horowitz (a16z) crypto unit, Electric Capital, and Franklin Templeton digital asset unit. The funding estimates the total supply of the Walrus protocol’s cryptocurrency (token symbol: $WAL) at $2 billion. Adam Goldberg, managing director and co-founder of Standard Crypto, said in a statement: Previous attempts at on-chain storage have faced challenges in terms of scalability, flexibility, and security. The Walrus protocol was developed by Mysten Labs, which built the Sui blockchain. Mysten Labs co-founder and CEO Evan Cheng told Fortune that the $140 million funding round had only been completed in the last three weeks, and the market demand was very strong. This is Mysten Labs’ first funding round for Walrus.