High-frequency traders, known for their rapid execution of trades to maximize small profits, have long relied on private networks of internet cables for speed. Now, a crypto project named DoubleZero aims to apply similar technology to enhance blockchain processing speeds.

DoubleZero, founded by Austin Federa, a former executive at the Solana Foundation, seeks to leverage technologies standard in high-frequency trading but unavailable on the public internet. The project has raised $28 million in a seed round led by Multicoin Capital and Dragonfly Capital, with participation from several other venture capital firms. Investors received token warrants in exchange for their contributions.

Currently, blockchains like Solana rely on public internet infrastructure for server communication, limiting their processing power. DoubleZero plans to create a private network using underutilized bandwidth from high-frequency trading firms, private companies, and individuals. This network aims to provide faster communication than existing public infrastructure.

To ensure decentralization, DoubleZero intends to launch a cryptocurrency to reward contributors of bandwidth. The project is supported by Jump Crypto and Malbec Labs, with cofounders Mateo Ward and Andrew McConnell bringing expertise from Neutrona Networks and Jump Trading, respectively.