DoubleZero Raises $28M for Blockchain Internet

Dedicated network for distributed systems

TLDR:

• DoubleZero aims to build an alternative blockchain network using private fiber.

• Raised $28M at a $400M valuation; testnet beta running in 7 cities.

• Co-founded by Austin Federa, Andrew McConnell, and Mateo Ward.

• Mainnet launch planned for late 2025 with strategic fiber partners.

DoubleZero Network is set to revolutionize blockchain connectivity by building a dedicated alternative to the public internet—specifically designed for blockchains and distributed systems. Recently, the project raised $28 million at a $400 million valuation, with venture capital heavyweights Multicoin Capital and Dragonfly Capital leading the round.

Founded by former Solana Foundation strategy lead Austin Federa along with entrepreneurs Andrew McConnell and Mateo Ward, DoubleZero seeks to leverage underutilized fiber optic infrastructure to create a high-speed, low-latency network for blockchain transactions. “Faster is better, but faster must mean equal access for all on the network,” Federa stated on X, emphasizing fairness and efficiency as core pillars of the project.

The network’s testnet beta is already live across seven global cities including Singapore, Tokyo, Los Angeles, New York, London, Amsterdam, and Frankfurt, serving as a proving ground for its innovative approach. Initial fiber contributions come from companies such as Jump Crypto, Distributed Global, RockawayX, Teraswitch, and Latitude.sh. These partners are monetizing their idle fiber capacity, ensuring that DoubleZero's infrastructure is both scalable and cost-effective.

The team is bullish about the future. “We see a near future fully underpinned by distributed systems, and our network will be the legacy technology powering that future,” Federa added. The mainnet rollout is anticipated in the second half of 2025, and the team is already exploring strategic partnerships that could push the valuation to $600 million in a subsequent funding round.

DoubleZero’s approach is blockchain-agnostic, despite Federa’s roots with Solana. He noted, “The Solana community has shown us that we can exceed the limits of the public internet, but our vision is open to all blockchains.” This ambition positions DoubleZero as a key player in the ongoing race to overcome the network and data transport limitations that have long bottlenecked blockchain performance.

As the testnet continues to gather traction and data, industry observers are watching closely. The successful execution of this project could mark a turning point, not just for blockchain speed, but for how distributed systems operate on a global scale.

photo / Blockonome