On the 18th of October, Celestia Foundation announced that it had raised $55 million in funding for modular blockchain architecture. The companies who led their hand in this funding to Celestia are Polychain Capital, Bain Capital Crypto, Jutta Steiner, Galaxy, Eric Wall, Delphi Digital, Placeholder, FTX Ventures, Jump Crypto, and Balaji Srinivasan.
Celestica indicated that it would use this fund to build a modular blockchain architecture that would solve the challenges inherent when scaling and deploying blockchains. The company intends to build an infrastructure that will make it easy for anyone with the technical knowledge to deploy their blockchain at minimal expense.
The company revealed that its modular blockchain architecture would include some special features. It can be used to solve shared security and sovereignty issues and improve scalability. Moreover, it will allow the developers to freely choose their execution environments, such as Solana VM, EVM, and others.
Celestica also claims that its specialized chains are less constrained, and it breaks the rigidity of monolithic chains into flexible components, which results in greater security, scale, and decentralization.
Celestia’s co-founder Mustafa Al-Bassam, said that Web3 couldn’t scale within the constraints of a monolithic framework, and they envision a blockchain ecosystem with modular data availability layers and execution environments that all integrate. Moreover, he said that they believe modular blockchains are the next generation of scalable blockchain architectures.
There are also several projects in the current ecosystem of Celestia, such as 26 projects from Celestia’s fellowship, and projects from Eclipse, Constellation, and dYmension. Celestica also launched its testnet called Mamaki in May.
According to Cointelegraph Research, there were many investments from venture firms, such as in the second quarter of 2022, venture firms invested $14.67 billion. Now, this new funding could help to make the ecosystem of Celestica better and provide better services to users.