Celestia Foundation Secures $100M in Funding Round Led by Bain Capital Crypto
Celestia Foundation raised $100M in a funding round led by Bain Capital Crypto, bringing its total funding to $155M.
Key points:
- $100M raised: Celestiaās total funding now stands at $155M.
- Bain Capital leads: Bain Capital Crypto spearheaded the latest round.
- Other investors: Syncracy Capital, 1kx, Robot Ventures, and Placeholder participated.
- Scalability focus: Celestiaās modular blockchain offloads data storage to help other networks scale.
- Roadmap for growth: Plans are underway to scale to 1-gigabyte blocks.
Celestia Foundation Expands Blockchain Scalability with Fresh $100M Funding:
Celestia Foundation, known for its modular blockchain network, raised $100M in its latest funding round.
Bain Capital Crypto led the round, bringing the foundationās total financing to $155M. Additionally, Syncracy Capital, 1kx, Robot Ventures, and Placeholder participated.
Launched in October 2023, Celestiaās modular blockchain helps other networks scale by reducing their data storage requirements.
Its key technology, ādata availability sampling,ā enables users to verify large blocks without downloading all the data. As a result, about two dozen blockchain rollups have been deployed on Celestia since its mainnet launch.
Moreover, the foundation plans to scale its block size up to 1-gigabyte. This is a significant improvement compared to Bitcoinās average block size of 1-2 megabytes.
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Mustafa Al-Bassam, Celestia Foundationās chair, highlighted their goal to move blockchain from the ābroadband eraā to the āfiber optic era,ā all while maintaining verifiability and low latency.
With this new funding, Celestia is well-positioned to push forward its mission of creating more scalable and efficient blockchain solutions for the wider ecosystem.
Thus, the blockchain world can expect to see even greater advancements from Celestia in the near future.
