Celestia Foundation Raises $55 Mn In The Latest Funding Round

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On October 18, Celestia Foundation announced a $55 million funding round led by Bain Capital Crypto, Polychain Capital, Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Jump Crypto, as well as angel investors Balaji Srinivasan, Eric Wall, and Jutta Steiner.

Celestia is developing a modular blockchain architecture with the hope of overcoming the difficulties associated with deploying and scaling blockchains. The company stated that it intends to build infrastructure that will allow any person with the relevant technical knowledge to easily deploy their blockchain at a minimal cost.

The company claimed that its modular blockchain architecture will prioritize scalability, shared security, and sovereignty concerns, allowing developers to freely choose their own execution environments such as EVM, Solana VM, and others.

The company also asserted that its specialized chains have fewer limitations and disassemble hard monolithic chains into flexible components, to provide increased size, security, and decentralization.

Celestia co-founder Mustafa Al-Bassam said:

“Within the limitations of a monolithic framework, Web3 cannot scale. We visualize a blockchain ecosystem that includes flexible data availability levels and networked execution environments. We think the next generation of scalable blockchain architecture will be modular blockchains.”

The current ecosystem of Celestia includes 26 projects from the fellowship, as well as Eclipse, Constellation, and dimension. This will be the one program that encourages and mentors modular builders. 

Mamaki, Celestia’s testnet, was introduced in May; an upgrade is planned for late October 2022.

Venture capitalists seem to have an insatiable thirst for the Web3 sector despite the prolonged crypto winter.  In the second quarter of 2022, venture firms invested $14.67 billion in the industry, effectively matching the investments that rolled in within the first quarter.