The Celestia TIA
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Foundation, the organization primarily behind the modular blockchain network, has raised $100 million in a round led by Bain Capital Crypto. Syncracy Capital, 1kx, Robot Ventures, Placeholder and others participated in the round, which brings the foundation’s total financing to $155 million.
Celestia, launched in October 2023, is a network designed to help other blockchain’s scale by offloading their data requirements. Its “data availability sampling” technology enables users to verify large blocks without downloading all the data.
Network developers recently announced plans to scale Celestia to 1-gigabyte blocks (by comparison, the average Bitcoin block contains one to two megabytes of data).
About two dozen rollups have deployed on Celestia since the mainnet launch last year.
“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era,” Celestia Foundation Chair Mustafa Al-Bassam said in a statement. “Now, the core developers have introduced the technical roadmap to scale blockspace to the fiber optic era — while keeping it verifiable and low latency.”
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About Author
Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.
