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Celestia Raises $55 Million to Solve Blockchain Modularity Challenge – Blockchain Bitcoin News

Celestia, a project that goals to remedy the perceived centralization drawback in present monolithic blockchains, has introduced it has raised $55 million in its newest funding spherical. The spherical, which was led by Bain Capital Crypto and Polychain Capital, additionally noticed the participation of Delphi Digital, Protocol Labs, Figment, Maven 11, and Spartan Group, amongst others.

Celestia Raises $55 Million to Make Blockchain Deployment Easy

Celestia, a project that goals to deal with the issue of blockchain deployment complexity, has introduced it raised $55 million as a part of mixed Series A and Series B funding rounds. The company introduced that the funding spherical was co-led by Bain Capital Crypto and Polychain Capital, with the participation of Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, and Jump Crypto, amongst others.

The mixed funding spherical was oversubscribed 4 instances, and in accordance to stories, offers Celestia a valuation of $1 billion.

The funds will supposedly enable Celestia to proceed constructing its modular community to enable anybody to deploy their very own blockchain in a straightforward method. According to the company, current-gen blockchains are very troublesome to deploy and handle, due to their monolithic design. Celestia’s structure provides a collection of layers that provide extra decentralization and adaptability.

Mustafa Al-Bassam, co-founder of Celestia, believes this type of structure may be the way forward for blockchain improvement. He acknowledged:

Modular blockchains will outline the subsequent decade of Web3 innovation. We envision a blockchain ecosystem with modular information availability layers and execution environments that every one combine collectively. We imagine modular blockchains are the subsequent technology of scalable blockchain architectures.

The new increase comes after the company raised $1.5 million again in March 2021 in its seed funding spherical.

Celestia Details and Roadmap

Celestia is already actively incubating tasks to help firms and people keen to undertake modularity for the design of their blockchains. A program referred to as Modular Fellows has already chosen a number of people and groups, and can accompany and fund their tasks for a interval of three months, throughout which the groups will ship a number of milestones and a demo of accomplished tasks.

The project is already lively in a testnet referred to as Mamaki, which was launched in May. Celestia goals to launch an incentivized testnet for 2023, by which customers can be rewarded with tokens for his or her participation on the community. Mainnet can also be anticipated to be launched subsequent year, though the company has not provided a particular launch date but.

Tags on this story
Blockchain, celestia, Centralized, delphi digital, FTX Ventures, gaalxy, Galaxy, modular design, monolithic design, Mustafa Al-Bassam, Web3

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Sergio Goschenko

Sergio is a cryptocurrency journalist primarily based in Venezuela. He describes himself as late to the sport, coming into the cryptosphere when the worth rise occurred throughout December 2017. Having a computer engineering background, dwelling in Venezuela, and being impacted by the cryptocurrency growth at a social degree, he affords a special standpoint about crypto success and the way it helps the unbanked and underserved.

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