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Bware Labs also allows users to create blockchain endpoints absolutely for free and use them as APIs. Bware Labs will use these funds for scaling its operations.
On Wednesday, February 23, Bware Labs completed raising $6 million in a follow-up funding round in Series A. The startup popular in creating a decentralized infrastructure has raised a total of $7 million.
Bware Labs’ Funding Round
Some of the popular VC firms participated in the latest funding round including Hypersphere Ventures Blizzard, AVentures DAO, Coingecko Ventures, Nexo, Kosmo Ventures, Connext, and others. Investors like Spartan Group, GBV, Morningstar Ventures and Ascentive Assets, who participated in the previous rounds, were also present.
As said, Bware Labs is a multichain subscription-based API infrastructure provider. It helps developers and businesses to build on blockchain by delivering their requests to the integrated network. Bware Labs helps in connecting blockchain data consumers to nodes supplied by independent providers. It is also similar to Ethereum-based service provider Infura. Speaking of this development, Flavian Manea, CEO of Bware Labs said:
“We are very excited to have finalized this investment round, for two main reasons: One is about the strength we brought into our team, by onboarding experienced investors, from both crypto and traditional finance, big tech projects and fellow infrastructure players. The other reason is related to our company’s growth and the expansion of our tech offering which can now happen at an accelerated pace due to the financing we were able to secure and the support of our investors. Of course, the vote of confidence received from new and repeated investors from our seed round, less than 10 months ago, are also bringing much pride to our team. We are now able to scale our plans for the years to come.”
Understanding the Working of Bware Labs
Bware Labs aims to provide a platform that can solve the hurdles aimed at getting reliable blockchain access. The platform also incentives decentralized ode providers through a share of its revenues. another incentivization model includes staking BWR tokens and getting rewards in return.
Bware Labs also accepts delegations from other BWR token owners thereby reaching a minimum of what is required by staking pools. This will make sure that all BWR tokens will benefit from the utilization of the platform.
Furthermore, third-party nodes also need to comply with the platform’s strict reliability, performance and data integrity requirements. The monitoring of this will happen through an integrity protocol developed by Bware Labs.
Bware Labs also allows users to create blockchain endpoints absolutely for free. Users can further use these endpoints for all their API needs. The blockchains supported are Binance Smart Chain, Avalanche, Moonbeam, Fantom, Polkadot, and Polygon. Bware Labs is also considering adding support for Layer 2 platforms like Optimism and Arbitrum.