Celestia Foundation Raises $100 Million to Advance Crypto Ecosystems and Scaling Solutions

Monday, 23 September 2024, 18:28

Companies in the crypto ecosystems are seeing significant deals as the Celestia Foundation raises $100 million. This funding will aid in the development of layer 1s, layer 2s, and scaling tech. The investment round was led by Bain Capital Crypto, highlighting the venture capital interest in innovative modular and rollups technologies.
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Celestia Foundation Raises $100 Million to Advance Crypto Ecosystems and Scaling Solutions

Celestia Foundation Secures Major Funding for Innovative Scaling

The Celestia Foundation, the pioneering organization behind the modular blockchain network, has successfully raised $100 million in a funding round spearheaded by Bain Capital Crypto. Other notable participants included Syncracy Capital, 1kx, Robot Ventures, and Placeholder, bringing the foundation's total financing to $155 million.

Advancing Modular Blockchain Technology

Launched in October 2023, Celestia aims to enhance other blockchains' scalability by offloading data requirements. With its innovative data availability sampling technology, users can verify substantial blocks without needing to download all data. The network's developers have now set ambitious goals to increase Celestia's capacity to 1-gigabyte blocks, a drastic improvement over Bitcoin's average block size.

Future Developments and Rollups

  • Celestia supports nearly two dozen rollups since its mainnet launch.
  • The foundation's chair, Mustafa Al-Bassam, remarked that Celestia's launch marked a pivotal shift from dial-up era scalability to a more advanced paradigm.

With its upcoming technical roadmap, Celestia aims to scale blockspace to unprecedented levels while ensuring data verification and low latency.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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