Non-Custodial Protocol Diagonal Closed $2.5 Million Funding Round with Coinbase Ventures and Others

Diagonal, a non-custodial protocol, closed a $2.5 million round of funding with Coinbase Ventures, Mechanism Capital, The LAO and others. The funds raised will be used to develop its Web 3 subscription payment service. The project aims to create an all-in-one tool for merchants and creators to collect payments on Ethereum. Diagonal’s team is working on developing a public beta, which they plan to initially release on Ethereum layer 2 blockchains Polygon, Arbitrium and Optimism. Diagonal’s service is based on infrastructure from Superfluid, whose tools enable Ethereum-based apps to initiate streams of payment between parties that settle instantaneously with limited gas fees. In the future, the company says they have plans to establish a decentralized autonomous organization (DAO) to handle protocol governance.