Blockchain interoperability project Tendermint has raised $9 million in a Series A funding round led by technology-focused venture capital firm Paradigm.
Announcing the news on Thursday, Tendermint said that other participants in the round included Bain Capital and 1confirmation, among others.
Just a day before the funding was announced, Tendermint launched Cosmos Hub, a blockchain designed to improve interoperability between any number of other blockchains, after nearly three years of planning and development.
Cosmos Hub is the firm's first in a series of proof-of-stake blockchains.
"Blockchain technology is an incredible innovation that has unfortunately been hamstrung by a series of limitations, including scalability problems, a lack of usability and myriad governance and environmental issues," Jae Kwon, CEO of Tendermint and contributor of Cosmos, said in Thursday's announcement.
"The vision of Cosmos is to overcome these limitations and break down barriers to innovation, ultimately creating an Internet of Blockchains: a decentralized network of independent, scalable, and interoperable blockchains."
Its plans to launch a public blockchain platform as far back as 2014 through its white paper.
The project has recently released a couple of other developer-focused products, such as software development kit, or SDK, and Tendermint Core, which is the blockchain networking and consensus mechanism underlying the Cosmos Hub.
"We envision a future where multiple blockchains serve specific use-cases - store of value, privacy, general purpose smart contract platforms, and many others," said Salil Deshpande, partner at Bain Capital, in yesterday's announcement.
"In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains."
Paradigm Leads $9 Million Round for Cosmos Creator Tendermint
Published on Mar 15, 2019
by Coindesk | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.