Tencent Leads $15M Series A for Chainbase Web3 Data Network

Chinese technology giant Tencent has successfully completed a $15 million Series A funding round for Chainbase, an omnichain data network designed for web3.

The funding round included participation from notable investment entities such as Tencent Investment Group, Matrix Partners, and Hash Global.

Chainbase, recognized as the world’s largest omnichain data network, aims to create a comprehensive on-chain data infrastructure for the web3 space. This initiative facilitates easier access to blockchain data for developers, supporting various applications such as digital currencies and smart contracts.

With the newly acquired funds, Chainbase plans to implement an innovative crypto world model to enhance data intelligence on the blockchain and expand AI capabilities across its applications.

The platform currently supports 8,000 live projects and is utilized by over 15,000 developers. The network handles over 500 billion data calls.

In the coming years, Chainbase aims to engage millions of developers and retail users, developing standardized tools for on-chain data development and machine learning.

Chris Feng, co-founder and COO of Chainbase, described the recent funding round as a pivotal moment, stating that the funds would aid in building “the first Crypto World Model.”

“We are in the process of building our mainnet – an innovative 4-layer dual consensus omnichain data network for the AI era. The design aims to ensure openness, permissionless access, transparency, security, and instantaneous data processing from the root. We estimate to launch the test net in August,” Feng shared.

Last year, Chainbase partnered with the Open Network (TON) Foundation and Tencent Cloud to support web3 adoption in the Asia-Pacific region. Chainbase successfully launched the first data indexing product on TON as part of this venture. Additionally, the platform offers a high-speed, reliable enterprise node deployment service for the TON blockchain.

Earlier this year, Tencent joined China’s metaverse working group, an initiative launched by the Ministry of Industry and Information Technology (MIIT) to establish standards for the metaverse.

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