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Home»ADOPTION NEWS»Paradigm, Haun Ventures and Conduit co-lead $37 million investment
ADOPTION NEWS

Paradigm, Haun Ventures and Conduit co-lead $37 million investment

By Crypto FlexsJune 26, 20242 Mins Read
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Paradigm, Haun Ventures and Conduit co-lead  million investment
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Cryptocurrency infrastructure company Conduit has raised $37 million in its latest funding round to support the development of new blockchain-based products and services.

Haun Ventures and Paradigm co-led the Series A funding round with participation from Robot Ventures, Crediously Neutral, Coinbase Ventures, and Bankless Ventures. Several angel investors also contributed capital to the raise.

Conduit plans to use the newly raised funds to launch products to help developers build “customizable and trustworthy” rollups that could lay the foundation for developing new use cases for distributed ledger technology, the company said Tuesday. It was announced on our blog. post.

“By making on-chain compute abundant and affordable, these new scaling solutions enable unprecedented business models,” Conduit said.

These rollup or layer 2 scaling solutions reduce network congestion on the underlying blockchain by processing transactions on the network that underpins them. Once that transaction backlog is cleared, on-chain transactions such as cryptocurrency payments can be processed more quickly.

According to Conduit, as transaction speeds creep up, the potential to create usable on-chain products and services for a wide range of users increases, providing many potential business opportunities for blockchain developers.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, cryptocurrency and video games at CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She earned a master’s degree in journalism from CUNY. Follow her on X: @LizKNapolitano

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