Celestia, a project aimed at solving the perceived centralization problem in existing monolithic blockchains, has announced that it has raised $55 million in its latest funding round. The tour, led by Bain Capital Crypto and Polychain Capital, also saw the participation of Delphi Digital, Protocol Labs, Figment, Maven 11 and Spartan Group, among others.
Celestia raised $55 million to facilitate Blockchain deployment
Celestia, a project aimed at tackling the complexity of blockchain deployment, has announced that it has raised $55 million as part of its Series A and Series B pooled funding rounds. The company announced that the funding round was led by Bain Capital Crypto and Polychain Capital, with the participation of Placeholder, Galaxy and Delphi. Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Crypto jumpamong other things.
The pooled funding round has been oversubscribed four times and, according to reports, gives Celestia a valuation of $1 billion.
The funds are supposed to allow Celestia to continue building its modular network to allow anyone to deploy their blockchain in an easy way. According to the company, the current generation blockchain is very difficult to deploy and manage, due to its monolithic design. Celestia’s architecture adds a series of layers that provide more decentralization and flexibility.
Celestia co-founder Mustafa Al-Bassam believes that this type of architecture could be the future of blockchain development. He said:
Modular blockchains will define the next decade of Web3 innovation. We envision a blockchain ecosystem with layers of modular data availability and execution environments all integrated together. We believe that the modular blockchain is the next generation of scalable blockchain architectures.
The new increase comes after the company Starch $1.5 million in March 2021 in the initial funding round.
Celestia details and roadmap
Celestia is already actively incubating projects to support companies and individuals ready to adopt modularity for the design of their blockchain. program called Standard colleagues He has already selected many individuals and teams, and they will accompany and finance their projects for a period of three months, during which the teams will present several major milestones and demo the completed projects.
The project is already active in a test network called Mamaki, which was launched in May. Celestia aims to launch an incentivized testnet for 2023, where users will be rewarded with tokens for their participation on the network. The Mainnet is also expected to launch next year, although the company hasn’t given a specific launch date yet.
What do you think of Celestia’s modular blockchain proposal? Tell us in the comments section below.
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