Blockchain interoperability venture Tendermint has raised $9 million in a Series A funding spherical led by technology-focused enterprise capital agency Paradigm.
Announcing the information on Thursday, Tendermint said that different members within the spherical included Bain Capital and 1confirmation, amongst others. The funding will go towards supporting the agency’s continued improvement of the Cosmos Network, increasing its group and making its enterprise mannequin “sustainable.”
Just a day earlier than the funding was introduced, Tendermint launched Cosmos Hub, a blockchain designed to enhance interoperability between any variety of different blockchains, after almost three years of planning and improvement. Cosmos Hub is the agency’s first in a collection of proof-of-stake (PoS) blockchains.
“Blockchain technology is an incredible innovation that has unfortunately been hamstrung by a series of limitations, including scalability problems, a lack of usability and myriad governance and environmental issues,” Jae Kwon, CEO of Tendermint and contributor of Cosmos, stated in Thursday’s announcement.
“The vision of Cosmos is to overcome these limitations and break down barriers to innovation, ultimately creating an Internet of Blockchains: a decentralized network of independent, scalable, and interoperable blockchains.”
Tendermint first revealed its plans to launch a public blockchain platform way back to 2014 by way of its white paper.
The venture has lately launched a few different developer-focused merchandise, reminiscent of software program improvement package, or SDK, (being utilized by cryptocurrency change Binance) and Tendermint Core, which is the blockchain networking and consensus mechanism underlying the Cosmos Hub.
“We envision a future where multiple blockchains serve specific use-cases – store of value, privacy, general purpose smart contract platforms, and many others,” stated Salil Deshpande, associate at Bain Capital, in yesterday’s announcement.
“In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains.”
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