Celestia Foundation Announces $100M Raise

The Celestia Foundation, the team responsible for developing the Celestia blockchain network, announced today that it has raised $100 million.

The funding round is led by Bain Capital Crypto, with participation from Syncracy Capital, 1kx, Robot Ventures, Placeholder, and other notable investors. This round brings Celestia's total funding to $155 million.

Since Celestia Mainnet Beta in October 2023, developers have already deployed at least 20 rollup chains with Celestia data blobs accounting for more than half of total data published by rollups recently.

Celestia (TIA) - Everything You Need to Know

Celestia airdropped TIA to 580,000 users as it launched its mainnet today. But what even is it?

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Celestia differentiates itself from traditional blockchains by separating transaction agreements and executions.

This results in more streamlined and cost-effective processes for decentralized applications, making the blockchain more accessible for innovators and developers.

With Celestia as the underlying platform, developers can use any Virtual Machine (VM) to deploy high-throughput applications, whether to scale existing ecosystems like Ethereum or to create their own sovereign networks

“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era. Now, the core developers have introduced the technical roadmap to scale block space to the fiber optic era while keeping it verifiable and low latency.” said Mustafa Al-Bassam, co-founder of Celestia and Chairman of the Celestia Foundation.

Recently, Celestia’s core developer community unveiled its technical roadmap, with the primary goal of scaling to 1-gigabyte blocks.

This significant upgrade aims to dramatically increase data throughput within Celestia’s rollup ecosystem.