Celestia Foundation Raises $55M From Bain Capital and Polychain
- Celestia Foundation has raised $55 million in a new funding round from Bain Capital Crypto and Polychain Capital and select angel investors Balaji Srinivasan, Eric Wall and Jutta Steiner.
- Other firms that participated in the funding round include Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Jump Crypto.
- The $55 million will be used by Celestia Foundation to create a modular blockchain architecture in order to finally solve the long-standing problem of deploying and scaling blockchains.
The Celestia Foundation, the firm responsible for the development of Celestia, a platform which enables anyone to easily deploy their own blockchain with minimal overhead, has raised $55 million in a new funding round from Bain Capital Crypto and Polychain Capital.
Other notable participants in the funding round include Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Jump Crypto, and select angel investors which are Balaji Srinivasan, Eric Wall and Jutta Steiner.
This investment round comes at a time when the crypto market is suffering from a lack of investment from venture capital firms which invested heavily in digital assets last year, have decided to strengthen their financial position and reduced investments in crypto assets and well as crypto service providers.
The $55 million will be used by Celestia Foundation to create a modular blockchain architecture in order to finally solve the long-standing problem of deploying and scaling blockchains which the developers have been facing. As described by the project, modular blockchains are “specialized chains” that are “less constrained and break the rigidity of monolithic chains into flexible components, promising greater scale, security, and decentralization.”
“Web3 cannot scale within the constraints of a monolithic framework. We envision a blockchain ecosystem with modular data availability layers and execution environments that all integrate together. We believe modular blockchains are the next generation of scalable blockchain architectures,”said Mustafa Al-Bassam, co-founder of Celestia.
As pointed out in the blog post, modular blockchain projects that currently lead the industry such as Eclipse, Constellation and dYmension, have chosen as their Celestia to be their data availability layer and the new funding will be used to put the technology to more use. The project claims that the crypto industry is gradually giving increased attention to modular blockchain infrastructures including firms focused on rollups and rollup infrastructure, DeFi apps, and more.
Celestia Foundation is focused on improving the scalability, sovereignity, and shareed security of modular blockchains, Hence, it will allow blockchains to choose the an execution environment of their own preferance. This means that blockchains can use EVM, Solana VM, and other environments.
“By minimizing base-layer complexity, Celestia offers cleaner abstractions for developers and greater sovereignty for communities of users. The pace of development in the Celestia community has been breathtaking, and we’re excited to support this growing ecosystem,”said Alex Evans, Partner at Bain Capital Crypto.
The platform has contiued to grow this year as it recently announced its testnet, Mamaki, in May of this year. Celestia is not the only crypto firm to raise funds under bearish market conditions and continues hacks of crypto platforms. Firms like a16z have come out in the front to help crypto firms to make their way through the crypto space and the venture capital relaunched the ‘Crypto Startup School,’ as reported by BitcoinWisdom earlier.