Celestia is a project which seeks to eliminate the centralization issue in monolithic, monolithic, blockchains. It has just announced that it raised $55 Million in its most recent funding round. Bain Capital Crypto led the round. Polychain Capital also participated.
Celestia Raised $55 Million for Blockchain Deployment
Celestia is a blockchain project which aims to solve the issue of complex deployment of blockchains. It has raised $55 Million in combined Series A/Series B funding rounds. Bain Capital Crypto and Polychain Capital led the company’s funding round. Participation was also provided by Placeholder and Galaxy as well as Blockchain Capital and Protocol Labs. Jump Crypto joined the group.
Celestia was valued at $1 billion after the combined financing round was four-fold oversubscribed.
Celestia plans to use these funds to expand its modular network that allows anybody to create their own blockchain. The company claims that current-generation blockchains can be difficult to manage and deploy due to their monolithic architecture. Celestia’s architecture adds a series of layers that offer more decentralization and flexibility.
Celestia co-founder Mustafa Al-Bassam believes that this type of architecture could be the future for blockchain development. He added:
Web3 Innovation will be defined by modular blockchains in the next decade. A blockchain ecosystem that integrates all elements of the execution environment and data availability layers is what we envision. Modular blockchains represent the future of scalable and scalable blockchain architectures, according to us.
After raising $1.5 million in seed financing in March 2021, the company now has a new round of funding.
Roadmap for Celestia Details
Celestia actively supports individuals and businesses that want to embrace modularity in the design of blockchains. Modular Fellows is a program that has selected several people and teams. They will fund and accompany their projects for three months. During this time, the projects will be delivered and demoed.
Mamaki was launched in May and the testnet is now active. Celestia plans to launch an incentive testnet in 2023. Users will receive tokens in return for participating in the network. Mainnet will also be available next year. However, the company hasn’t yet announced a launch date.
What do you think about Celestia’s modular blockchain proposal? Leave a comment below.
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