Oasis Labs has raised $45m to launch privacy-first cloud computing solution on blockchain. The company managed to lure some of the biggest names in venture capital and cryptocurrency to the project.

Investment has come from a16zcrypto, Accel, Binance and other investors from the blockchain ecosystem including crypto funds and hardware manufacturers.

The California-based Oasis Labs is designing a platform to overcome the performance, security, and privacy limitations that have hampered blockchain adoption to date. It aims to make blockchain, a distributed secure ledger that powers cryptocurrencies such as Ethereum, more useful to a broader set of companies.

In a press release, CEO and University of California professor, Dawn Song, said that “Blockchains are poised to revolutionize much of the way we live, but many developers and organizations have understandable concerns about performance and privacy limitations that are currently hindering their ability to embrace the technology.”

“The Oasis platform aims to give users control over their data, and at the same time deliver superior performance and privacy capabilities. Our goal is to build the scalable and secure decentralized internet that puts users first.”

Dawn Song

Monday saw applications for Oasis’ private testnet go live, in a bid to deliver a production version with the input of developers.