Connext – a pioneering blockchain interoperability protocol – announced the closure of its strategic fundraising round of $7.5 million at a $250 million valuation. This latest funding round brings Connext’s total funding to $23.2 million. This funding round will enable the setup and operation of the Connext Foundation. The foundation is going to play a critical role in the success of Connext, stewarding the development of the protocol and ensuring robust long-term growth of the ecosystem through development grants and funding of community-led initiatives.
The strategic funding round saw participation from Polychain Capital, NGC Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, Factor, and Dokia Capital. Other Connext investors include Coinbase Ventures, Ethereal Ventures, 1k(x), #Hashed, and Scalar Capital.
Connext makes it possible for developers to build interchain applications that can be accessed from any network and interact with funds and data on every blockchain, all at once. And the underlying technology acts as a communication layer on top of existing, battle-tested infrastructure, giving users the best possible security, regardless of the chain they are on.
To date, morethan 1.2 million crosschain transactions have gone through Connext’s network. And since the launch of its V2 in late February 2023, the network has grown rapidly, adding over 20,000 new users in the last month, and 35 companies actively building on top of the protocol, including Metamask, Planet IX, and DODO.
Since being formed in 2017, Connext Labs has had a long history of pioneering critical blockchain infrastructure. And in 2018, Connext built the first payment-focused Layer-2 scalability system on Ethereum, used by Metamask, The Graph, and others. Plus in 2019, the team helped create one of the first widely used DAO frameworks, MolochDAO, which garnered support from Vitalik Buterin and Joe Lubin, among others. MolochDAO has since been used as the framework for hundreds of DAOs, governing millions of dollars in value.
KEY QUOTES:
“In 2020, we realized that the future of web3 was going to look a lot like the internet does today: thousands of independent blockchain networks communicating with one another to create a single interconnected experience. We pivoted our focus towards building this future as a public good. Today, Connext enables a new era of decentralized applications that, similar to applications on the web, can interact with users, data, and funds on many blockchains all at once.”
— Connext founder Arjun Bhuptani
“The Connext protocol not only revolutionizes how developers build Web3 applications but also addresses one of the most pressing issues in the blockchain landscape – security across chains. We firmly believe in Connext’s vision and are confident they have the right team and technology to create an interconnected future for all blockchain networks.”
— Joseph Lubin, Chairman at Ethereal Ventures and ConsenSys Mesh
