Celestia Foundation raised $100 million from Bain Capital Crypto, bringing its total fundraising to $155 million.
The non-profit Celestia Foundation, established in Liechtenstein has raised $100 million from prominent venture capital firms focusing on cryptocurrency, headed by Bain Capital Crypto.Â
With the announcement of this funding on September 23, the total money raised for the Celestia project to date is $155 million.
Prior to the project’s launch in October 2022, the team behind the modular data availability blockchain network raised $55 million.
That fundraising was co-led by Polychain Capital and Bain Capital. A number of venture capital firms and investors, including Syncracy Capital, Robot Ventures, 1kx, and Placeholder, participated in this most recent round of funding.
Recent technical roadmap for Celestia
In order to support Celestia developers in bringing high-throughput apps to the network, the Celestia Foundation was established.
Notably, Celestia’s core developer community’s announcement of the project’s technical roadmap precedes the $100 million fundraising.
Development teams are putting a lot of effort into scalability, hoping to get the modular consensus network to process twice as many transactions per second as Visa.
The technical plan states that Celestia will get closer to this objective if it reaches 1 GB blocks. Mustafa Al-Bassam, co-founder of Celestia.:
When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era”
Al-Bassam added that there is more to the new roadmap than just expanding blockspace. Low latency and verifiability are also of utmost importance.
Since its October 2023 mainnet beta launch, Celestia has witnessed several significant advancements, such as the introduction of rollup chains and Blobstream, which enables the streaming of Celestia’s data availability layer to Ethereum.
In order to combine the DA layer with the Polygon Chain Development Kit, the platform also collaborated with Polygon Labs.
