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Celestia Foundation raises $55M for modular blockchain architecture

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Celestia Basis announced on Oct. 18 that it had raised $55 million in a funding spherical led by Bain Capital Crypto, Polychain Capital, Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Bounce Crypto, and angel buyers; Balaji Srinivasan, Eric Wall, and Jutta Steiner.

Celestia is constructing a modular blockchain structure with the hope of fixing challenges inherent when deploying and scaling blockchains. The corporate instructed that it intends to construct infrastructure that can make it simple for anybody with the technical know-how to deploy their very own blockchain at minimal expense.

The corporate indicated that its modular blockchain structure will give attention to bettering scalability, shared safety, and sovereignty points, making it simpler for builders to freely select their very own execution environments, similar to EVM, Solana VM, and extra. As well as, it claimed that its specialised chains are much less constrained, and break the rigidity of monolithic chains into versatile parts, promising better scale, safety, and decentralization.

Mustafa Al-Bassam, co-founder of Celestia stated:

“Web3 can not scale throughout the constraints of a monolithic framework. We envision a blockchain ecosystem with modular knowledge availability layers and execution environments that each one combine collectively. We imagine modular blockchains are the subsequent era of scalable blockchain architectures.”

Tasks inside Celestia’s present ecosystem embody Eclipse, Constellation, dYmension, and 26 tasks from Celestia’s fellowship — a program that helps and mentors modular builders.

In Could, Celestia launched its testnet, Mamaki, with an improve scheduled for late October 2022.

Related: M31 Capital launches $100M in Web3 investment fund with $50M in commitments

Regardless of the continuing crypto winter, enterprise capitalists seem to have an insatiable urge for food for the Internet 3 trade. In keeping with Cointelegraph Analysis, venture firms invested $14.67 billion into the sector within the second quarter of 2022, successfully matching first-quarter commitments.