Celestia Foundation, the parent organization behind the modular blockchain network, has raised $100 million in a funding round led by Bain Capital Crypto.
This round also included notable investors such as Syncracy Capital, 1kx, Robot Ventures, and Placeholder, bringing the total funding amount of Celestia Foundation to $155 million.
Celestia, which launched in October 2023, aims to help other blockchain networks scale by easing their data load. The network’s “data availability sampling” technology allows users to validate large blocks without downloading all the data. This technology is considered a significant step in solving scalability issues for blockchain projects.
Celestia’s developers have announced that they plan to increase the network’s block size to 1 gigabyte in the future. For comparison, the average Bitcoin block size ranges between 1-2 megabytes. This major scaling move aims to significantly increase the network’s performance.
Since its mainnet launch last year, around two dozen rollups have been deployed on Celestia, indicating that Celestia has established a rapidly growing ecosystem.
“When Celestia launched last year as the first modular data access layer, it brought the blockchain from the dial-up era to the broadband era,” said Mustafa Al-Bassam, President of the Celestia Foundation. “Now, the core developers have unveiled the technical roadmap that aims to bring the blockchain to the fiber optic era — while keeping this scalability verifiable and low-latency,” Al-Bassam added.
Celestia’s own cryptocurrency, TIA, has gained more than 38% in the past week.
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