Celestia Raises $55 Million to Solve Blockchain Modularity Challenge

Celestia, a task that aims to lick the perceived centralization occupation successful existent monolithic blockchains, has announced it has raised $55 cardinal successful its latest backing round. The round, which was led by Bain Capital Crypto and Polychain Capital, besides saw the information of Delphi Digital, Protocol Labs, Figment, Maven 11, and Spartan Group, among others.

Celestia Raises $55 Million to Make Blockchain Deployment Easy

Celestia, a task that aims to tackle the occupation of blockchain deployment complexity, has announced it raised $55 cardinal arsenic portion of combined Series A and Series B backing rounds. The institution announced that the backing circular was co-led by Bain Capital Crypto and Polychain Capital, with the information of Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, and Jump Crypto, among others.

The combined backing circular was oversubscribed 4 times, and according to reports, gives Celestia a valuation of $1 billion.

The funds volition supposedly let Celestia to proceed gathering its modular web to let anyone to deploy their ain blockchain successful an casual way. According to the company, current-gen blockchains are precise hard to deploy and manage, owed to their monolithic design. Celestia’s architecture adds a bid of layers that connection much decentralization and flexibility.

Mustafa Al-Bassam, co-founder of Celestia, believes this benignant of architecture mightiness beryllium the aboriginal of blockchain development. He stated:

Modular blockchains volition specify the adjacent decennary of Web3 innovation. We envision a blockchain ecosystem with modular information availability layers and execution environments that each integrate together. We judge modular blockchains are the adjacent procreation of scalable blockchain architectures.

The caller rise comes aft the institution raised $1.5 cardinal backmost successful March 2021 successful its effect backing round.

Celestia Details and Roadmap

Celestia is already actively incubating projects to enactment companies and individuals consenting to follow modularity for the plan of their blockchains. A programme called Modular Fellows has already selected respective individuals and teams, and volition travel and money their projects for a play of 3 months, during which the teams volition present respective milestones and a demo of completed projects.

The task is already progressive successful a testnet called Mamaki, which was launched successful May. Celestia aims to motorboat an incentivized testnet for 2023, successful which users volition beryllium rewarded with tokens for their information connected the network. Mainnet is besides expected to beryllium launched adjacent year, though the institution has not offered a circumstantial motorboat day yet.

What bash you deliberation astir Celestia’s modular blockchain proposal? Tell america successful the comments conception below.

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