On October 19, the company behind the Celestia blockchain network, known as Celestia Labs, successfully completed a combined Series A and B funding round, bringing in a total of $55 million. The deal was headed by the venture capital companies Bain Capital Crypto and Polychain Capital.
The financing helped to push Celestia into unicorn status by giving the company a value of one billion dollars, and it was four times oversubscribed. While most major crypto-assets and crypto companies have focused on either the consumer, institutional, or enterprise markets, Celestia aims to become a one-stop blockchain platform for all needs.
Coinbase Ventures, Jump Crypto, FTX Ventures, Placeholder, Galaxy, and Delphi Digital were among the other investors that took part in the round, along with a number of additional venture capital and angel investors. In March of 2018, Celestia successfully completed a seed funding round in which it received $1.5 million at a value that was not disclosed.
Celestia Labs was established in 2019 and is now in the process of recreating blockchain architecture. The company is placing its bets on “modular” blockchain networks, which, according to Celestia, make it simpler to build and grow blockchains.
Celestia is a layer 1 blockchain that has been reduced to its essentials and focuses entirely on the sequencing of transactions and making the data for those transactions public. The blockchain is not capable of executing calculations or managing smart contracts at this time. Instead, these are functions that the Celestia model farms out to rollups or other blockchains; this is an essential part of the design of its flexible and modular architecture. The rollups are blockchain protocol implementations that integrate with Celestia to provide network infrastructure and functions such as Proof of Stake, Identity & Reputation, Data Storage, and Oracles.
Monolithic blockchains like Ethereum and Solana, which have faced difficulties like scalability and outages, have dominated the cryptocurrency world up until this point. However, the Caelum project has set out to improve upon this design and build a blockchain that is scalable and robust, which can enable the management of decentralised applications and smart contracts for different business purposes.
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