Companies Propel Crypto Ecosystems Forward with Celestia Foundation's $100 Million Funding
Companies Propel Crypto Ecosystems Forward
The Celestia Foundation, primarily responsible for a modular blockchain network, successfully raised $100 million in a funding round led by Bain Capital Crypto. Participating in this significant investment were firms such as Syncracy Capital, 1kx, and Robot Ventures. This new funding escalates the foundation’s total financing to $155 million.
Innovative Scaling Through Technology
Celestia, launched in October 2023, focuses on helping various blockchains to scale efficiently by offloading their data requirements. The foundation’s advanced data availability sampling technology allows users to verify large blocks without the necessity of downloading all data. Recently, developers outlined plans to scale Celestia to accommodate 1-gigabyte blocks, an impressive leap compared to the average Bitcoin block of one to two megabytes.
Exciting Developments with Rollups
- About two dozen rollups have adopted Celestia since its mainnet launch last year.
- Chairman Mustafa Al-Bassam remarked that Celestia’s innovative launch transitioned blockspace from the dial-up era to the broadband era, introducing a technical roadmap aimed at the fiber optic era while ensuring verifiability and maintaining low latency.
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