KYVE raised $9M in funding
KYVE raised $9M in a funding round to support its upcoming mainnet launch and the ongoing expansion of our Web3 data lake.
This round was led by key players such as Distributed Global, Wicklow Capital, IOSG Ventures, Anagram (Joseph Eagan & Lily Liu), Cerulean Ventures, Huobi Incubator, and MEXC.
In less than a year, KYVE’s protocol activity has grown exponentially, now with 950 active nodes (850 protocol nodes, and 100 chain nodes), more than 23.7M on-chain events, and 182,000 bundles of data created. Our community has also grown strong, with now over 130,000 members across our media channels.
“Decentralized and validated data archiving is the cornerstone of a successful Web3 product because it allows it to scale. The framework KYVE is building across chains allows developers to collect and categorize data from a truly decentralized environment. Instead of relying on centralized snapshots, KYVE Network is powered by decentralized uploaders and validators, therefore respecting the original Web3 ethos.” —Fabian Riewe, co-founder of KYVE.
A Successful Third Round
No matter the market situation, looking toward the future is imperative. This is precisely what the companies who participated in this funding round are doing, supporting KYVE in bringing forward the future of data reliability and decentralization.
“We are very excited to lead the KYVE round. We believe KYVE will be an essential building block of the crypto industry by providing an ever-growing library of decentralized, cross-chain, and trusted data feeds that any dApp can leverage. By leveraging KYVE and skipping the time-consuming process of building their own data management infrastructure, companies will be able to build and iterate at a pace never before seen,”—Herve Bizira, Partner at Distributed Global.
Furthermore, KYVE is on a mission to enable developers and projects to scale without data restraints. A major part of the proceeds will be directed toward continuing the growth of KYVE’s Web3 data lake. It will bring on more integrations and unique use cases to benefit Web3 scalability.
USES OF FUNDS
The platform also aims to use part of the fundraising proceeds to help grow its team. Bringing on more senior members in the engineering, marketing, and finance sectors.
For KYVE, the upcoming months will be filled with exciting events. On a more short-term range, they will soon be completing Phase 2 of Mission Korellia, the last stage of its incentivized testnet. They have already learned a lot from its developer and node community. They also look forward to having them test out more KYVE features.
WHAT’S NEXT FOR KYVE
Next up for KYVE will be more unique use cases and integrations with L1 and L2 projects. The releases of new products, its Token Generation Event (TGE), the first CEX/DEX listings, and of course, the mainnet launch.
ABOUT KYVE Network
KYVE is the Web3 data lake solution. A protocol that enables data providers to standardize, validate, and permanently store blockchain data streams. By leveraging permanent data storage solutions like Arweave, KYVE’s Cosmos SDK chain creates permanent backups. It also ensures the scalability, immutability, and availability of these resources over time.
RESOURCES
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