Connext Labs, a San Francisco, CA-based provider of a blockchain interoperability protocol, raised $7.5M in strategic funding, at a $250M valuation.
The round, which brought the total amount to $23.2M, saw participation from Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, Dokia Capital, Coinbase Ventures, Ethereal Ventures, 1k(x), #Hashed, and Scalar Capital.
The company intends to use the funds to fund the setup and operation of its foundation.
Led by Arjun Bhuptani, Connext makes it possible for developers to build interchain applications that can be accessed from any network and interact with funds and data on every blockchain, all at once. The underlying technology acts as a communication layer on top of existing, battle-tested infrastructure, giving users the best possible security, regardless of the chain they are on.
To date, over 1.2 million crosschain transactions have gone through Connext’s network. Since the launch of its V2 in late February 2023, the network has grown rapidly, adding over 20,000 new users in the last month, and 35 companies actively building on top of the protocol, including Metamask, Planet IX, and DODO.
FinSMEs
14/06/2023