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 Soar Crypto, in addition to angel traders 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 advised 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.

The corporate indicated that its modular blockchain structure will concentrate on 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 larger scale, safety, and decentralization.

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

“Web3 can’t scale inside the constraints of a monolithic framework. 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 era of scalable blockchain architectures.”

Tasks inside Celestia’s present ecosystem embrace Eclipse, Constellation, dYmension and 26 initiatives 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.

Associated: M31 Capital launches $100M in Web3 funding fund with $50M in commitments

Regardless of the continuing crypto winter, enterprise capitalists seem to have an insatiable urge for food for the Web3 business. In keeping with Cointelegraph Analysis, enterprise corporations invested $14.67 billion into the sector within the second quarter of 2022, successfully matching first-quarter commitments.