Let’s get into some big news in the blockchain space. Chainbase, a blockchain data network, just secured $15 million in Series A funding, and it’s about to shake things up. Let’s break it down.
The Scoop: Chainbase’s Major Funding Win
Chainbase, a developer of blockchain data networks, has raised $15 million in a Series A funding round. This round was co-led by Tencent Investment Group and Matrix Partners China, with additional backing from Folius Ventures, Hash Global, JSquare, Mask Network, and Bodl Ventures. This hefty investment brings Chainbase’s total funding to $18 million, following previous seed and angel rounds.
Key Highlights:
- Funding Details: The Series A round was structured as equity with token warrants and closed in Q4 last year.
- Board Seats: As part of the deal, Tencent Investment Group and Matrix Partners China have each secured a board seat at Chainbase.
- Network Support: Chainbase’s data network currently supports over 15,000 developers and 8,000 projects, handling over 500 billion data calls.
What is Chainbase?
Chainbase is a comprehensive blockchain data network that consolidates blockchain data into a single platform, simplifying access for developers building and maintaining applications. Their innovations include a real-time data lake for blockchain data flow and “manuscripts,” a pioneering data format standard in the crypto industry. These features transform static on-chain data into dynamic, intelligent models, unlocking new value and expanding market potential.
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Technological Edge:
- Real-Time Data Lake: Facilitates real-time data processing and access.
- Manuscripts: Establishes a new data format standard for enhanced usability.
- Petabyte-Level Data: Leverages massive data volumes for advanced analytics and model creation.
Looking Forward: Mainnet and Token Launch
Chainbase is gearing up for the launch of its network mainnet and governance token, CBT, expected to go live in Q4 this year. The token will reward contributors and users, including data providers, node operators, and early adopters. With the fresh funding, Chainbase plans to build local communities across major crypto hubs globally, enhancing engagement and adoption of its network.
Community Building:
- Global Reach: Chainbase will invest in building local communities in major crypto hubs over the next six months.
- Developer Engagement: Improved engagement with developers and users to boost awareness and network adoption.
- Selective Hiring: Plans to hire more staff based on evolving needs.