Celestia Raises $55M to Solve Blockchain Modularity Challenge – Blockchain Bitcoin News

Celestia, a project that aims to solve the perceived centralization problem of current monolithic blockchains, has announced that it has raised $55 million in its latest funding round. The round, which was led by Bain Capital Crypto and Polychain Capital, also saw participation from Delphi Digital, Protocol Labs, Figment, Maven 11 and Spartan Group, among others.

Celestia raises $55 million to make blockchain deployment easy

Celestia, a project that aims to tackle the problem of blockchain implementation complexity, has announced that it raised $55 million as part of combined Series A and Series B funding rounds. The company announced that the funding round was 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 Jump Crypto, among others.

The combined funding round was oversubscribed four times, giving Celestia a reported $1 billion valuation.

The funds will supposedly 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 adds a number of layers that offer more decentralization and flexibility.

Mustafa Al-Bassam, co-founder of Celestia, believes this type of architecture could be the future of blockchain development. He stated:

Modular blockchains will define the next decade of Web3 innovation. 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.

The new raise comes after the company raised $1.5 million back in March 2021 in its seed funding round.

Celestia details and roadmap

Celestia is already actively incubating projects to support companies and individuals willing to adopt modularity for the design of their blockchains. A program called Modular Fellows has already selected several individuals and teams, and will follow and fund their projects for a period of three months, during which the teams will deliver several milestones and a demo of completed projects.

The project is already active in a test network called Mamaki, which was launched in May. Celestia aims to launch an incentivized testnet by 2023, where users will be rewarded with tokens for their participation on the network. Mainnet is also expected to launch next year, although the company has not yet offered a specific launch date.

What do you think of Celestia’s modular blockchain proposal? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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