Startup DoubleZero Foundation raised $28 million at a valuation of $400 million, led by Dragonfly and Multicoin Capital, according to people familiar with the matter. DoubleZero Foundation is currently looking for "strategic partners" to seek more strategic financing at a valuation of $600 million, which has not yet closed. According to reports, DoubleZero is building a "new type of Internet" to improve blockchain performance. Its vision is to build a global network of private fiber optic cables, and then use these fiber optic cables to enable the blockchain to transmit data more efficiently than on the public Internet. The project is seen as a key technology in Solana's ambitious plan to process 1 million transactions per second. DoubleZero is opening up its permissioned testnet to Solana validators and RPCs, and plans to gradually expand to other chains. Its fiber optic cable network connects to dedicated lines operated by Jump Crypto, RockawayX, Distributed Global, Latitude, and Terraswitch, and is accepting additional contributors.