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.
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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