Focused on blockchain interoperability, Connext has raised $ 12 million from 1kx and ConsenSys-affiliated Mesh.
Funding was provided by 82 investors. Among them: Coinbase Ventures, OkEx Ventures, eGirl Capital, Hashed, as well as various business angels, including André Cronier from yEarn.Finance and Sandeep Nailwal from Polygon.
The startup will use the raised funds to expand the team, further develop the Connext ecosystem through a grant program and network scaling.
“We will work on integration with all second-tier projects, as well as with other networks compatible with Ethereum,” said Arjun Bhuptani, the project's CEO, in an interview.
Trending: Exchange Kraken will stop serving Russian users
To scale, Connext will increase the number of “routers” or liquidity providers.
“We are connecting the top ten staking providers. We are also attracting a group of investors who intend to become liquidity providers. About 200 technicians who have submitted the relevant applications are ready to take on the same role, ”Bhuptani commented.
According to representatives of the project, Connext has attracted 40,000 unique users, and the volume of concluded transactions reached $ 40 million.