Conduit nets $37M in Series A to develop blockchain rollups.
Investment aims to ease blockchain congestion, speed transactions.
Conduit’s funding to spur new blockchain business models.
Crypto infrastructure company Conduit has successfully secured $37 million in Series A funding to foster the development of innovative blockchain applications. The funding round, co-led by Haun Ventures and Paradigm, also saw significant contributions from Robot Ventures, Credibly Neutral, Coinbase Ventures, and Bankless Ventures along with several angel investors.
The firm plans to utilize the investment to launch advanced products that enable developers to construct their own customizable and reliable rollups. These rollups are designed to facilitate the development of diverse new use cases for blockchain technology by easing network congestion and expediting transaction processing on underlying blockchains.
Thrilled to announce the @conduitxyz Series A, with @Paradigm doubling down and co-leading with @HaunVentures We want to make onchain compute as accessible as cloud compute so that crypto devs can build without limits. More below on how this raise advances that goal pic.twitter.com/p7Q4T8UEDj
— Andrew Huang (@KAndrewHuang) June 25, 2024
Boosting Blockchain Capabilities
Conduit’s initiative to enhance on-chain compute resources aims to reduce costs and expand the feasibility of novel business models within the blockchain sector. By improving transaction speeds through effective Layer 2 solutions, Conduit is setting the stage for broader adoption and creation of on-chain products and services.
This development is poised to open up a plethora of business opportunities for blockchain developers by allowing for faster and more efficient transaction verifications.
This funding marks a commitment to advancing blockchain infrastructure and highlights the growing investor interest in supporting technologies that expand the scope and efficiency of digital asset ecosystems
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