Subspace Labs Raises $32.9 Million

Published on: 04.03.2022

Subspace Labs, developer of Subspace Network, announced the completion of a US$32.9 million strategic financing round led by Pantera Capital with participation from Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys Mesh, KR1, Hypersphere Ventures, Stratos Technologies, Alumni Ventures Blockchain Fund, GSR Ventures, Eniac Ventures, Bixin Ventures, Definancex, Candaq, Vendetta Capital, Illusionist Group, NGC Ventures, Cabin VC, Gate Ventures, OneBlock Capital, and Automota Network.

Subspace is a new eco-friendly, scalable layer-one blockchain that is able to serve as an infrastructure layer for the entire Web3 ecosystem. From NFT based gaming and metaverses to cross-chain applications, Subspace brings smart storage at Internet scale.

“With the support of our investors, Subspace is re-envisioning the types of apps that can be stored on and secured by a blockchain. We are excited to empower builders with the tools and services they need to unlock the next wave of innovation in Web3.” — Jeremiah Wagstaff, co-founder and CEO at Subspace Labs

The Subspace Network provides a decentralized and trust-minimized alternative to traditional cloud providers, such as Amazon Web Services (AWS). It is built around a new eco-friendly, massively scalable layer one blockchain that is carefully designed to serve as a decentralized infrastructure layer for the entire Web3 ecosystem. Subspace will allow existing blockchains, layer two protocols, and dapps to scale without compromise.

ABOUT Subspace
Subspace is a new blockchain powered by Proof-of-Archival-Storage (PoAS) consensus, which provides a permanent, scalable, decentralized storage solution.

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