By
Chimamanda U. Martha
April 25th, 2024
The Ethereum Push Notification Services has said the capital will go towards business expansion, especially looking into other blockchain ecosystems beyond Ethereum.
The Ethereum Push Notification Services (EPNS) has announced the closure of the Series A funding round with $10.1 million. Consequently, the firm is valued at approximately $131 million. The funding round was led by Jump Crypto. Other participants include Tiger Global, ParaFi, A.Capital, Sino Global Capital, Polygon Studios, Harmony Foundation, Wintermute, Zee Prime Capital, Woodstock, DCX Ventures, Alpha Wave Capital, Zebpay, TRGC, Signum Capital, and iSeedVC.
Additionally, the capital also came from Andrew Keys of DARMA Capital, David Silverman of Aave Companies, Ajit Tripathi, Kane Warwick, Jordan Momtazi and Justin Moses of Synthetix, Aniket Jindal of Biconomy, Anton Bukov of 1inch, Sahil Dewan of Harmony, Mateo a Levy, Jerome de Tychey of Cometh and Ethereum France, Sam of Journal du Coin.
According to EPNS, Series A round comes with either a 9 to 12 months cliff for each investor along with a 24 months to 30 months vesting period.
The Ethereum Push Notification Services has said the capital will go towards business expansion, especially looking into other blockchain ecosystems beyond Ethereum.
“We will use the funding from the Series A to expand the team, grow the user base, and develop beyond the Ethereum ecosystem to stay true to the vision of a multi-chain, interoperable decentralized future,” the company noted in a Medium post.
The EPNS network enables permissionless channel notification and channel subscription. Currently, the EPNS network is powering on-chain notifications for ENS on domain expiration, CoinDesk on media alerts, Snapshot on governance updates, and Oasis on vault liquidation.
The idea is to bring updates at the time of importance to enable users to act on them as soon as possible.
Ethereum Push Notification Services and the Market Outlook
The EPNS network identified a communication lapse that scammers are taking advantage of. Currently, the most commonly used platform is Twitter. However, there have been reports of high-level scams that have siphoned cash from unsuspecting users.
Backed by notable investors, EPNS has attracted a global user base. Since EPNS mainnet launch back in mid-January, the network has powered 4 million notifications sent to over 44,000 subscribers.
Worth noting, the EPNS network is working with over 80 projects to enable the push notifications services. Among the No projects include Uniswap, Decentraland, MakerDAO, Gitcoin, Polygon, ENS, dYdX, Bancor, Defiant, Coindesk, Aragon, Notional Finance, mStable, and Snapshot.
The EPNS network uses a native token for governance called $PUSH. The PUSH token has a total supply of 100,000,000 with 53 percent reserved for community allocation. 47 percent is meant to be shared among investors, team, advisors, and the foundation.