Celestia, a project that aims to solve the perceived centralization problem in current monolithic blockchains, has announced it has raised $55 million in its latest funding round. The round, which was led by Bain Capital Crypto and Polychain Capital, also saw the participation of Delphi Digital, Protocol Labs, Figment, Maven 11, and Spartan Group, among others.
Celestia Raises $55 Million to Ease Blockchain Deployment
Celestia, a project that aims to tackle the problem of blockchain deployment complexity, has announced that it has raised $55 million as part of a joint Series A and Series B funding round. The company announced that the funding round was co-led by Bain Capital Crypto and Polychain Capital, with participation from Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, and went. Jump Crypto, among others.
The combined funding round was oversubscribed four times, and according to reports, gives Celestia a valuation of $1 billion.
The fund is believed to allow Celestia to continue building its modular network so that anyone can easily deploy their own blockchain. According to the company, current generation blockchains are very difficult to deploy and manage due to their monolithic design. Celestia’s architecture combines a series of layers that provide greater decentralization and flexibility.
Mustafa Al-Bassam, co-founder of Celestia, believes this kind of architecture might be the future of blockchain development. He stated:
The modular blockchain will define the Web3 innovation of the next decade. We envision a blockchain ecosystem with modular data availability layers and execution environments all integrated together. We believe that modular blockchains are the next generation of scalable blockchain architectures.
The new raise comes after the company raised $1.5 million back in March 2021 in its seed funding round.
Celestia Description and Roadmap
Celestia is already actively incubating projects to support companies and individuals wishing to adopt modularity to the design of their blockchains. A program called Modular Fellows has already selected a number of individuals and teams, and will fund further funding with their projects for a period of three months, during which the team will give a demo of several milestones and completed projects.
The project is already active in a testnet called Mamaki, which was launched in May. Celestia aims to launch an incentivized testnet for 2023, in which users will be rewarded with tokens for their participation on the network. Mainnet is also expected to be launched next year, although the company has not offered a specific launch date yet.
