Chainsafe Raises $18.75M For Web 3 Adoption And Growth

Chainsafe, a Blockchain research, and development business with headquarters in Canada has made the statement that it has been successful in acquiring $18.75 million in oversubscribed Series A investment from leading industry venture companies. Round13, a company based in Canada that specializes in venture financing, is one of the top industrial venture companies.

According to the announcement, this funding will be spent to grow the company’s operations, boost the adoption of web3, and ensure the ongoing and sustainable extension of the ecosystem by offering tools for the development of blockchain technology that is designed to last. During this particular round of investment, participation came from a variety of investors. These investors included NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group, and Fenbushi Capital.

Chainsafe is a blockchain infrastructure company that was founded in 2017 and had its first launch in Toronto over the course of an Ethereum event. Chainsafe was the first company to debut in Canada. Aidman Hyman and Hatcher Lipton were the persons that were responsible for the establishment of the firm during that time period. The company was established at a time when the blockchain industry was experiencing significant expansion but was still in its infancy and had a vital need for improved development tools. This need arose at a time when the business was still in its infancy.

In the announcement, it was claimed that Joe Lubin, one of the guys who invented Bitcoin, said, “We have been close to Chainsafe in the early days when decentralized protocols were establishing themselves and coming into their own.” A decentralized bitcoin wallet, Chainsafe was developed by Chain. In addition to that, he said that “this funding makes it feasible for Chainsafe to continue on its path of purposefully synergistic protocol and product development.”

Chainsafe is the organization that is responsible for the creation of a number of different systems that have been implemented all across chains, and they are the brains behind a lot of the programs themselves. One of the more recent initiatives that the firm has been working on is the creation of web3.unity. web3.unity is a software development kit (SDK) that is designed to link Unity games to blockchain technology and cross-chain bridge solutions.

Chainsafe is not the only company receiving donations for its fundraising efforts despite the very challenging market conditions. There are further companies that are profiting off the generosity of the donors. The synthetic asset Polkadot-based protocol known as Tapio Protocol has successfully raised a total of four million dollars via a variety of types of investment as of the previous Monday. This currency will be put to use on the Polkadot blockchain in order to facilitate the creation of derivatives for staking and crowdlending that are more productive.

The seed round of investment was engaged in by a variety of investors, including Spartan, LongHash, 0xVentures, CMS, D1 Ventures, 11–11 DG Partners, Genblock, Valhalla, PAKA, and Double Peak, among others.

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In addition, it was revealed a week ago that Uniswap Labs had obtained a total of $165 million in Series B financing in order to concentrate on the launch of new products. This news came as a result of a recent announcement made by the company. This information may be found on the website that was visited. Polychain Capital was the driving force behind the investment round, which also featured participation from a number of other prominent investors such as a16z crypto, Paradigm, SV Angel, and Variant. Polychain Capital acted as the key mover and shaker behind the investment round.

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