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Web3 Infrastructure Firm ChainSafe Raises $18.75M in Series A Funding


cryptoknowmics.com 18 October 2022 09:15, UTC
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ChainSafe, a Canadian Web3 infrastructure startup, has concluded an $18.75 million fundraising round supported by well-known industry venture companies, putting it on track to grow activities at a time when the market for blockchain networks and gaming services is on the increase. Venture capital company Round13 served as the lead investor in the Series A round, with participation coming from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group, and Fenbushi Capital. According to ChainSafe, the investment will boost Web3 technology's expansion and uptake.

Journey of ChainSafe

ChainSafe works internationally and has more than 120 workers in 33 countries. It maintains its corporate headquarters in Toronto and has branches in Berlin and Zagreb. The startup was founded in 2017 after its founders met at an Ethereum event in Toronto. Together, they created a web3 company due to a shared enthusiasm for open-source and decentralized technologies. After five years, the web3 infrastructure firm has developed into the top multi-chain research and development organization focusing on web3 gaming and infrastructure building. ChainSafe will utilize this investment to strengthen its support for the acceptance and long-term development of the web3 ecosystem as it moves to the future.

ChainSafe's Cross-Chain Bridging Technologies

The web3 infrastructure firm has established itself as a significant creator of protocols for Ethereum, Polkadot, Filecoin, and other top blockchain ecosystems. The company's ambition is evident, given its objective to onboard the next million web3 developers. ChainSafe is developing open-source infrastructure and tools that enable developers to construct the decentralized web using a multi-chain strategy. With this funding, ChainSafe will quicken the pace of product development, keep expanding its staff and promote the use of web3 technology. ChainSafe's cross-chain spanning technologies have linked significant blockchains like Ethereum, Polygon, and Avalanche and subsequently safeguarded over $600 million in cross-chain token transactions. These bridges, which ChainSafe created and given access to, are utilized in a brand-new cross-chain interoperability effort, to which ChainSafe is the main contributor.

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