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“This funding marks a pivotal step in Nubit's mission to build the first Bitcoin-native data availability layer, driving forward the evolution of the Bitcoin ecosystem”, reads a release
Nubit, which boasts the first ever data availability layer purpose built for the Bitcoin ecosystem, has just closed a $3 million funding round.The round features some of the very best institutional investors in the space, including but not limited to:
- MH Ventures
- OKX Ventures
- ArkStream Capital
- Symbolic VC
- Longhash Ventures
- Cogitent Ventures
- NGC Ventures
“Nubit is not just a project; it's the dawn of Bitcoin's new era. Our aim is to revolutionize Bitcoin’s infrastructure, ensuring scalability and security through our Bitcoin-native data availability layer”, said Yu Feng, co-founder of Nubit and a professor in computer science at UCSB
What is Nubit?
Nubit is, first and foremost, a data availability layer for projects building within BTC’s new and exciting ecosystem. The vast proportion of blockchain projects require external (or internal) data streams in order to run effectively, and Nubit aims to service precisely these projects.
According to the project itself, Nubit’s aim is to onboard ‘a vast community of developers into the Bitcoin ecosystem, empowering them with scalable, secure, and decentralized tools’.
“Nubit’s innovative approach, spearheaded by a team of academic experts, is set to fill this gap. With a foundation rooted in scholarly research and expertise, Nubit leverages Bitcoin's inherent security and decentralization to offer a new paradigm in blockchain infrastructure”, reads a release
The project has positioned itself as the Celestia ($TIA), which boasts a market cap of $2.5 billion at time of writing, of the burgeoning Bitcoin functionality ecosystem.
Nubit has already launched its own ‘Modular Indexer’, in collaboration with ‘Domo’ (the creator of BRC-20). It has also announced a precedent-setting partnership with leading Bitcoin layer-2, Merlin, which will leverage Nubit’s DA layer to build out its own ecosystem.
According to the release, Nubit is moving forward with its Pre-Alpha Testnet and plans to launch its official mainnet “later this year”.