Major Funding Round for Nxyz
Nxyz, a Web3 platform designed to provide robust data infrastructure for blockchains, has successfully closed a $40 million Series A funding round. Led by venture capital firm Paradigm, the round also saw contributions from Coinbase Ventures, Greylock Partners, Sequoia Capital, and several prominent angel investors, including Balaji Srinivasan and Ryan Selkis.
Plans for Expansion and Development
The capital raised will enable Nxyz to expand its team, focusing on engineering and partnerships, while also onboarding more blockchains in the upcoming months. The platform aims to support emerging use cases within the blockchain ecosystem, further enhancing its capabilities and reach.
Empowering Developers with Efficient Data Solutions
Nxyz’s mission is to empower builders, creatives, and entrepreneurs to construct a better internet by providing more efficient blockchain indexing and data infrastructure. According to the company, its blockchain API can deliver real-time data in less than 200 milliseconds, significantly enhancing the speed and efficiency of blockchain interactions.
Cutting-Edge Technology and Team Expertise
The platform’s infrastructure was developed by engineers with backgrounds in Google and Neeva’s distributed systems. By ingesting data directly from blockchains and associated applications, Nxyz provides a suite of APIs that simplifies access to vital blockchain information for developers, particularly benefiting applications in the crypto wallet and NFT space.
Impressive Early Traction
Since its launch earlier this year, Nxyz has already onboarded beta customers and processed over 5 billion transactions across major blockchain networks including Ethereum, Polygon, Binance, Avalanche, Arbitrum, and Optimism. This rapid adoption illustrates the effectiveness and necessity of Nxyz’s services in the burgeoning Web3 ecosystem.
Resilience in the Market
Despite the current bear market conditions impacting the broader cryptocurrency landscape, Web3-focused projects like Nxyz continue to attract significant investment. This trend reflects a growing recognition among investors and asset managers of the potential for Web3 companies and applications to usher in a new era of digital interaction and commerce. Notably, asset manager Bitwise has recently introduced an exchange-traded fund (ETF) dedicated to Web3 investments, indicating robust institutional interest in the sector.
Conclusion
Nxyz’s successful funding round marks a pivotal moment as it seeks to enhance its data infrastructure capabilities for the cryptocurrency space. With a clear vision for the future and impressive early traction, the platform is well-positioned to contribute significantly to the development of Web3 technologies as the industry continues to evolve.
