Celestia Foundation raises $55M for modular blockchain architecture

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 and Leap Crypto, in addition to 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 straightforward for anybody with the technical know-how to deploy their very own blockchain at minimal expense.

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The corporate indicated that its modular blockchain structure will deal with enhancing scalability, shared safety and sovereignty points, making it simpler for builders to freely select their very own execution environments, corresponding 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 higher 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 information availability layers and execution environments that every one combine collectively. We imagine modular blockchains are the following technology of scalable blockchain architectures.”

Initiatives inside Celestia’s present ecosystem embrace 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.

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