Celestia Foundation, the Liechtenstein-based non-profit organization dedicated to building Celestia, has successfully raised $100 million from major crypto-focused venture capital firms, led by Bain Capital Crypto.

Fundraising Milestone

Announced on Sept. 23, this recent fundraising effort elevates the total amount raised for the Celestia project to $155 million so far. The team behind the modular data availability blockchain network had previously secured $55 million in October 2022 ahead of the project’s launch. Bain Capital and Polychain Capital co-led that earlier fundraising round.

This latest capital injection saw participation from Syncracy Capital, Robot Ventures, 1kx, and Placeholder, among other VC firms and investors.

Celestia’s Technical Roadmap

The Celestia Foundation aims to support developers in bringing high-throughput applications to the network. Notably, the $100 million raise coincides with the announcement of Celestia’s technical roadmap by its core developer community.

Focus on Scalability

Scalability is a primary focus, with developers targeting throughput levels comparable to Visa’s approximately 24,000 transactions per second. According to the technical roadmap, achieving 1 gigabyte blocks will be crucial in reaching this goal.

“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era,” said Mustafa Al-Bassam, co-founder of Celestia.

Al-Bassam emphasized that the new roadmap aims not only to further scale blockspace but also to ensure verifiability and low latency.

Recent Developments

Celestia launched its mainnet beta in October 2023 and has since achieved significant milestones, including the deployment of rollup chains and Blobstream. Blobstream enables the streaming of Celestia’s data availability layer to Ethereum.

The platform has also partnered with Polygon Labs to integrate the DA layer with the Polygon Chain Development Kit.

For more updates and news on cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

#PeerToPeer #CryptoGains

Post Views: 3