Celestia project raises $55 million to launch ‘modular blockchains’

The Celestia Foundation, the driver behind the project of the same name, raised $55 million in a round led by Bain Capital Crypto and Polychain Capital.

Today, we announce our $55M raise to launch a modular blockchain network so that anyone in the world can easily deploy their own blockchain.https://t.co/t2FphHuMAN

— Celestia (@CelestiaOrg) October 19, 2022

Among the participants were Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Jump Crypto and several angels, including Balaji Srinivasan and Eric Wall.

Celestia provides clients with a modular architecture for deploying and scaling blockchains.

“These specialized networks are less constrained and break monolithic chains into flexible components, promising greater scalability, security and decentralisation,” the statement said.

According to Celestia co-founder Mustafa Al-Bassam, modular blockchains will be “defining the next decade Web3-innovations”.

“The crypto industry had previously been boxed into narrow constraints due to the endless stream of new L1 platforms of smart contracts, each sacrificing decentralisation and security to deliver cheaper transactions. Web3 cannot scale within the constrained bounds of a monolithic structure,” he said.

In May the platform launched the Mamaki testnet and unveiled an API for modular blockchain developers.

To date, Celestia supports 26 projects under the Modular Fellows programme, which provides mentoring. The solutions span various corners of the crypto industry, including technologies based on Rollups, DeFi applications and much more.

Earlier, the sharding-focused blockchain startup Shardeum raised $18.2 million in seed funding at a valuation of $199 million.

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