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The Graph (GRT/USD), a startup that describes itself as the Google for blockchains, raised $50 million in a new funding round announced on Thursday and led by Tiger Global, CoinDesk reported.
The Graph indexes information that blockchains contain. FinTech Collective, Fenbushi Capital, Reciprocal Ventures, and Blockwall Digital Assets Fund also took part in the round.
Indexing and querying blockchain data
A lot of complicated connections are needed for the proper functioning of Web 3, the blockchain-based next generation of the internet.
The Graph is a protocol for indexing and querying blockchain data using subgraphs. These are open-source APIs, which give developers easy access to that information. APIs (application programming interfaces) allow computer programs to interact.
Supports data from 26 blockchains
The Graph supports indexing data from 26 different blockchain networks, including Ethereum (ETH/USD), NEAR Protocol (NEAR/USD), Arbitrium, Ethereum L2 blockchain Optimism, Polygon (MATIC/USD), Avalanche (AVAX/USD), Celo (CELO/USD), Fantom (FTM/USD), Moonbeam, and IPFS.
Uniswap and Decentraland use Graph APIs
At the moment, platforms like Uniswap (UNI/USD), Synthetix, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius and Decentraland (MANA/USD) use The Graph’s open-source APIs.
John Curtius, a partner at Tiger Global, commented:
We expect to see an exponential increase in the data being stored on blockchains, especially given the pace at which the trillion dollar market has been growing over the past year. The Graph is one of the most important pillars of the decentralized web.
About The Graph
The Graph has a global community, which included over 200 Indexer Nodes in the testnet and more than 2,000 Curators in the Curator Program as of October 2020.
To fund network development, The Graph raised funds from community members, strategic VCs and influential individuals in the blockchain community including Coinbase Ventures, DCG, Framework, ParaFi Capital, CoinFund, DTC, Multicoin, Reciprocal Ventures, SPC, Tally Capital and others.
About Tiger Global
Tiger Global Management, LLC is an American investment firm. It mainly focuses on internet, software, consumer, and financial technology industries.
Tiger Global has two strategies that each manage roughly the same amount of capital. The public equity business uses equity strategies to invest in publicly traded companies.
The private equity strategy targets growth-oriented private companies from early to late stages, with an emphasis on businesses based in the U.S., China, and India.