Layer 2 network Odyssey developer Ithaca completes $20 million financing, with participation from Paradigm

ChainCatcher news, according to The Block, cryptocurrency venture capital firm Paradigm has announced a $20 million investment in its spin-off company Ithaca. Ithaca is developing a new Layer 2 blockchain called Odyssey, aimed at accelerating the development of blockchain technology.

Paradigm's Chief Technology Officer and General Partner Georgios Konstantopoulos will serve as the CEO of Ithaca while retaining his position at Paradigm. Paradigm co-founder Matt Huang will serve as the chairman of Ithaca.

The Odyssey Layer 2 is built on Reth and the OP Stack and is currently live on the testnet. Konstantopoulos stated that Ithaca is building a complete technology stack needed by developers and users for faster deployment and lower barriers to entry.