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Celestia Labs, the team behind the Celestia blockchain network, has raised $55 million from venture capital firms Bain Capital Crypto and Polychain Capital in a combined Series A and B round of funding. According to the sources, the fundraising raised $1 billion for Celestia and was four times oversubscribed. https://twitter.com/CelestiaOrg/status/1582771528763965440 Coinbase Ventures, FTX Ventures, Galaxy, Jump Crypto, Placeholder, Delphi Digital, and many more venture capital and investment firms were also participants in the round. Previously, in March of last year, the foundation secured $1.5 million in a seed round at an unspecified valuation.
Celestia to Build Modular Blockchain Infrastructure
Celestia is developing a modular blockchain infrastructure in an effort to address problems associated with installing and growing blockchains. According to the business, it plans to create an infrastructure that would make it simple and affordable for anybody with technical expertise to construct their own blockchain.
Objective of Modular Blockchain Infrastructure
The business stated that its modular blockchain infrastructure would emphasize addressing scalability, common security, and authority challenges, easing the process for programmers to freely select their implementations, including EVM, Solana VM, and more. Furthermore, it asserted that its specialized chains are less limited and deconstruct strong monolithic chains into flexible parts, providing increased scalability, security, and decentralization. The co-founder of Celestia, Mustafa Al-Bassam, said that Web3 cannot grow inside the confines of a monolithic system. The foundation pictured a blockchain ecosystem with interconnected, flexible data availability levels and implementation environments. According to the business, the next phase of scalable blockchain designs is based on modular blockchains.
26 Projects From Collaboration
The Celestia network allows developers to combine and contrast various types of infrastructure while still maintaining interoperability while creating Web3 applications. The current economy of Celestia includes 26 initiatives from the partnership, a program that aids and guides modular builders, as well as Eclipse, Constellation, and dYmension. Mamaki, the testnet that the business debuted in May, will get an update in late October 2022.