nxyz Completes $40M Series A Funding Round, Aims to Bolster Web3 Adoption

UTC by Mayowa Adebajo · 2 min read
nxyz Completes $40M Series A Funding Round, Aims to Bolster Web3 Adoption
Photo: Unsplash

nxyz hopes to build on its existing data infrastructure for blockchains to help developers build a better internet.

Web3.0 platform nxyz has completed a $40 million Series A funding round, according to a press release by the firm. The round was led by venture firm Paradigm but also saw participation from other notable venture capitalists including Coinbase Ventures, Sequoia Capital, and Greylock Partners. Some prominent Web3.0 angel investors also took part in the round. They include Jing Wang, Balaji Srinivasan, Jaynti (JD) Kanani, Surojit Chatterjee, Packy McCormick, Ryan Selkis, and others.

nxyz Funding: Expansion Purposes and Blockchain Indexing Improvement

According to nxyz, it will use the fund to carry out its expansion bidding. This will include increasing its team globally, as well as onboarding different chains even as it continues to support emerging use cases over the next months.

nxyz is also hoping to build on its existing data infrastructure for blockchains to help developers build a better internet. And according to the platform, it can only help them achieve that by providing fast, flexible, and reliable blockchain indexing and data infrastructure.

Interestingly, nxyz claims to have a blockchain API that provides real-time blockchain data updates in less than 200 milliseconds. The platform also boasts an ability to support high throughput, meaning it can directly benefit NFT projects and applications like wallets.

Speaking about the platform, and where they stand at the moment, Sridhar Ramaswamy, CEO of nxyz says:

“I’m convinced this is exactly the kind of innovation needed to help ensure the widespread adoption and success of web3.”

All Eyes on Web3.0

Meanwhile, there appears to be an undeniable shift of attention toward Web3.0. That is especially because Web3-focused projects are increasingly raising a significant amount of capital despite the difficult reality of the market.

There is a growing number of investors and even asset managers recognizing the shift and going with the trend. Recall that just recently, asset management firm Bitwise launched a Web3-focused exchange-traded fund ETF.

So, nxyz’s ambitions for its $40 million Series A fund might not exactly be out of order.

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Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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