Standard Crypto has backed a $140 million raise for Walrus Foundation, an organization looking to build a highly scalable decentralized storage solution on Sui.
The Walrus protocol is a blockchain-based data storage platform currently in testnet. Per details in a announcement, the funding from a private token sale will help Walrus Foundation to scale the data storage network on Sui (SUI).
“This investment is a significant milestone to redefine decentralized storage. By leveraging Sui’s unique architecture, we’re making storing data programmable, interactive, and secure,” Rebecca Simmonds, managing executive of Walrus Foundation, said in a statement.
Walrus plans to capitalize on the rising demand for programmable storage across the market, which it can now pursue following this capital injection, Simmonds added.
The Sui-based platform, developed by Mysten Labs, is gaining traction as developers and projects tap into its solution for on-chain and off-chain data management. Any application can leverage Walrus to publish, read, and program data files, using Move-based smart contracts.
Combining storage, availability, and decentralized computing means users have access to a solution that vastly improves on what legacy storage solutions offer.
According to the Walrus team, storage goes beyond just storage—it’s about being “dynamic, verifiable, and programmable.” The use of artificial intelligence datasets, blockchain history, and rich media all come into play with Walrus.
Standard Crypto co-founder and managing director Adam Goldberg said in a comment:
“We’ve been backers of Mysten Labs since the very beginning and, inspired by their ability to transform research breakthroughs into breakout products, we’re thrilled to deepen our partnership through a new investment in Walrus.”
Walrus’ $140 million raise also attracted several top crypto venture capital firms, including a16z crypto, Electric Capital, Franklin Templeton Digital Assets and Comma3 Ventures.
As well as the funding news, Walrus Foundation revealed the Walrus protocol’s mainnet is set to go live March 27, 2025.
