Walrus Foundation Secures $140 Million Funding for Scalable Decentralized Storage Solution

Standard Crypto has provided support for Walrus Foundation's $140 million fundraising effort, which aims to create a highly scalable decentralized storage solution on Sui.

The Walrus protocol is a data storage platform built on blockchain technology, currently in its testnet phase. According to an announcement, the funding from a private token sale will enable Walrus Foundation to expand the data storage network on Sui (SUI).

"This investment marks a significant step towards redefining decentralized storage. By utilizing Sui's unique architecture, we're making data storage programmable, interactive, and secure," Rebecca Simmonds, managing director of Walrus Foundation, said in a statement.

Walrus intends to take advantage of the growing demand for programmable storage in the market, which it can now pursue thanks to this capital infusion, Simmonds added.

The Sui-based platform, developed by Mysten Labs, is gaining popularity as developers and projects use its solution for on-chain and off-chain data management. Any application can utilize Walrus to publish, read, and program data files using Move-based smart contracts.

By combining storage, availability, and decentralized computing, users have access to a solution that greatly enhances what traditional storage solutions offer.

According to the Walrus team, storage is not just about storage—it's about being "dynamic, verifiable, and programmable." The use of artificial intelligence datasets, blockchain history, and rich media all play a role with Walrus.

Adam Goldberg, co-founder and managing director of Standard Crypto, said in a statement:

"We've been supporters of Mysten Labs from the start and, inspired by their ability to turn research breakthroughs into breakout products, we're excited to deepen our partnership through a new investment in Walrus."

In addition to Standard Crypto, Walrus' $140 million raise drew the attention of several prominent crypto venture capital firms, including a16z crypto, Electric Capital, Franklin Templeton Digital Assets, and Comma3 Ventures.

Along with the funding announcement, Walrus Foundation revealed that the Walrus protocol's mainnet is scheduled to go live on March 27, 2025.