Blockchain interoperability startup Connext has raised $7.5 million in a strategic funding round, reaching a valuation of $250 million.
Using this fund, the company plans to establish the Connext Foundation to fund its long-term growth strategies.
Blockchain Interoperability Initiative Connext Reaches 250 Million Valuation
Connext has received an additional $7.5 million in investment, achieving a valuation of $250 million. The company has entered the funding round with investors such as Polychain Capital, Coinbase Ventures, NGC Ventures, Ethereal Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, 1k(x), #Hashed, Factor, Scalar Capital and Dokia Capital. joined. With this latest cash flow, Connext’s total funding has reached $23.5 million.
Connext plans to use the raised capital to create the Connext Foundation to support the growth of the company, fund community-led initiatives, and support other growth strategies.
Connext founder Arjun Bhuptani stated that one of the Connext Foundation’s first projects will be to establish public coordination processes such as Connext Improvement Proposals, aiming to provide grants to protocol development teams working on Connext Improvement Proposals and other infrastructure for future network expansion.
Since the launch of its second version in February, Connext has had 20,000 users and more than 1.2 million transactions have been processed on its platform. Protocols built on Connext include Metamask, Planet IX, DODO and 32 other protocols.
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