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Chainbase Secures $15 Million in Series A to Expand Blockchain Data Network
Chainbase Elevates Blockchain Data Accessibility with $15 Million Series A Funding
Chainbase, a developer of innovative blockchain data networks, has successfully raised $15 million in a Series A funding round, marking a significant milestone in its journey to enhance blockchain data utility for developers and projects worldwide.
Investment and Strategic Support to Propel Growth
The funding round was co-led by Tencent Investment Group and Matrix Partners China, with contributions from other notable investors including Folius Ventures, Hash Global, JSquare, Mask Network, and Bodl Ventures. This financial infusion, structured as equity with token warrants, closed in the fourth quarter of the previous year, boosting Chainbase’s total capital to $18 million when combined with earlier seed and angel investments.
Strategic Developments Post-Funding
As part of the investment deal, both Tencent Investment Group and Matrix Partners China have gained board seats, aligning with Chainbase’s strategic vision to broaden its technological and market reach. Chris Feng, Co-founder and COO of Chainbase, highlighted the company’s commitment to revolutionizing how blockchain data is utilized across various applications.
Innovative Solutions for Blockchain Developers
Chainbase is pioneering an omnichain data network that consolidates diverse blockchain data into a single, accessible platform. This initiative significantly simplifies the process for developers to access and deploy data for building and maintaining robust blockchain applications. Feng elaborated on Chainbase’s cutting-edge solutions, including a real-time data lake and ‘manuscripts’—a novel data format standard aimed at enhancing the usability and functionality of blockchain-generated data.
Expanding the Scope of Blockchain Applications
With over 15,000 developers and 8,000 projects utilizing its network, which handles more than 500 billion data calls, Chainbase is at the forefront of expanding blockchain technology’s potential. The network, currently available to whitelisted projects and in the testnet phase for its decentralized version, is preparing for broader accessibility with the upcoming launch of its mainnet and governance token, CBT, slated for release in the fourth quarter of this year.
Future Plans and Global Expansion
The recent capital will be strategically deployed to build local communities in major crypto hubs globally over the next six months. This initiative will enhance Chainbase’s engagement with developers, users, and stakeholders, fostering greater awareness and adoption of its innovative network. Feng also noted plans for targeted hiring to support Chainbase’s growth and expansion needs, emphasizing a strategic approach to scaling the team.
Final Thoughts
Chainbase is set to transform the landscape of blockchain data with its advanced network, driving greater intelligence and usability in the crypto space. As highlighted by Harry Man, a partner at Matrix Partners China, Chainbase’s accumulation of on-chain data over the years positions it uniquely to contribute to high-quality, intelligent models, enhancing the blockchain sector’s overall intelligence and functionality.
Investors and industry observers are keenly watching Chainbase as it gears up to launch its mainnet and token, anticipating significant impacts on the blockchain technology ecosystem. With its robust funding and strategic partnerships, Chainbase is well-positioned to become a pivotal player in the blockchain data sector.
