Celestia Raises $55 Million to Solve Blockchain Modularity Challenge – Blockchain Bitcoin News


Celestia, a venture that goals to unravel the perceived centralization drawback in present monolithic blockchains, has introduced it has raised $55 million in its newest funding spherical. The spherical, which was led by Bain Capital Crypto and Polychain Capital, additionally noticed the participation of Delphi Digital, Protocol Labs, Figment, Maven 11, and Spartan Group, amongst others.

Celestia Raises $55 Million to Make Blockchain Deployment Straightforward

Celestia, a venture that goals to deal with the issue of blockchain deployment complexity, has introduced it raised $55 million as a part of mixed Collection A and Collection B funding rounds. The corporate introduced that the funding spherical was co-led by Bain Capital Crypto and Polychain Capital, with the participation of Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, and Leap Crypto, amongst others.

The mixed funding spherical was oversubscribed 4 instances, and in line with experiences, offers Celestia a valuation of $1 billion.

The funds will supposedly enable Celestia to proceed constructing its modular community to permit anybody to deploy their very own blockchain in a simple method. In keeping with the corporate, current-gen blockchains are very tough to deploy and handle, on account of their monolithic design. Celestia’s structure provides a sequence of layers that supply extra decentralization and adaptability.

Mustafa Al-Bassam, co-founder of Celestia, believes this type of structure may be the way forward for blockchain improvement. He acknowledged:

Modular blockchains will outline the following decade of Web3 innovation. We envision a blockchain ecosystem with modular knowledge availability layers and execution environments that every one combine collectively. We consider modular blockchains are the following technology of scalable blockchain architectures.

The brand new elevate comes after the corporate raised $1.5 million again in March 2021 in its seed funding spherical.

Celestia Particulars and Roadmap

Celestia is already actively incubating tasks to help corporations and people prepared to undertake modularity for the design of their blockchains. A program referred to as Modular Fellows has already chosen a number of people and groups, and can accompany and fund their tasks for a interval of three months, throughout which the groups will ship a number of milestones and a demo of accomplished tasks.

The venture is already energetic in a testnet referred to as Mamaki, which was launched in Might. Celestia goals to launch an incentivized testnet for 2023, by which customers can be rewarded with tokens for his or her participation on the community. Mainnet can be anticipated to be launched subsequent yr, though the corporate has not supplied a particular launch date but.

Tags on this story

Blockchain, celestia, Centralized, delphi digital, FTX Ventures, gaalxy, Galaxy, modular design, monolithic design, Mustafa Al-Bassam, Web3

What do you concentrate on Celestia’s modular blockchain proposal? Inform us within the feedback part under.

Sergio Goschenko

Sergio is a cryptocurrency journalist primarily based in Venezuela. He describes himself as late to the sport, getting into the cryptosphere when the worth rise occurred throughout December 2017. Having a pc engineering background, dwelling in Venezuela, and being impacted by the cryptocurrency growth at a social degree, he gives a special viewpoint about crypto success and the way it helps the unbanked and underserved.

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