Celestia blockchain’s developer team, Celestia Labs, has raised $55 million in a Series A and B funding round.
According to Celestia’s statement on its official blog on October 19, venture capital companies Bain Capital Crypto and Polychain Capital in the series A and B combined financing round led by 55 million dollars collected.
In addition to the financing round, Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, and FTX joined.
According to the claims of some sources, the company, which reached a valuation of $ 1 billion with the last capital increase, gained the status of “unicorn”.
Founded in 2019, Celestia Labs said in a statement that it will scale other blockchains through what’s called a “modular blockchain”. rebuilds the architecture of the chain stated.
Celestia’s co-founder Mustafa Al-Bassam made the following statements in his statement on the subject:
Modular blockchains will define the next 10 years of web3 development. Over the past 10 years, crypto has sacrificed decentralization and security to provide cheaper transaction fees. Thus, crypto has been bottlenecked by the bottom-running cycle of layer-1 (L1) smart contracts.