On 19 October 2022 Celestia Foundation (celestia.org) announced that it has raised USD 55 million 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, Jump Crypto and selected angels such as Balaji Srinivasan, Eric Wall and Jutta Steiner.
Celestia is a modular consensus and data network, built to enable anyone to easily deploy their own blockchain with minimal overhead.
“Modular blockchains will define the next decade of Web3 innovation,” said Mustafa Al-Bassam, co-founder of Celestia. “For the past decade, crypto has been bottlenecked by an endless loop of new monolithic L1 smart contract platforms, each racing to the bottom to sacrifice decentralization and security to provide cheaper transaction fees. Web3 cannot scale within the constraints of a monolithic framework. We envision a blockchain ecosystem with modular data availability layers and execution environments that all integrate together. We believe modular blockchains are the next generation of scalable blockchain architectures.”
It was a pleasure for us at Crypto Advisory to advise and support Celestia in compliance related matters and we are looking forward to further support Celestia along their journey. Congratulations to the whole team of Celestia for successfully completing the funding!