The Celestia Foundation, the team behind modular blockchain network Celestia, announced that it had raised USD $100 million in an investment round.
The Celestia Foundation, the team behind modular blockchain network Celestia, announced that it had raised USD $100 million in an investment round.
Following the news of this large-scale investment led by Bain Capital Crypto, TIA, the native token of Celestia, gained 17.5% over the past 24 hours, reaching a price of $6.42. However, the token remains 69% below its all-time high of $20.91 reached in February this year.
Investors that participated in this funding round included Syncracy Capital, 1kx, Robot Ventures, and Placeholder. This latest funding brings the total funds of the Celestia Foundation to $155 million cumulatively.
Celestia was one of the most-discussed token airdrops of 2023, with TIA distribution to a whopping 580,000 users. On the other hand, the success of the airdrop and the achievement with respect to fundraising stand side by side with very poor market performance of this token.
The core developers are focused on implementing the recently unveiled roadmap. As stated by Mustafa Al-Bassam, the co-founder of Celestia: "When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era. Today, core developers have introduced the technical roadmap to scale blockspace to the fiber optic era – while keeping it verifiable and low latency."
Celestia is making a space for itself in blockchains due to the tendency of modularity, which should be one of the keys for solving scalability problems haunting these blockchains from time to time.
Celestia is trying to provide solutions regarding the availability of data by placing themselves as a cheaper alternative for storing data on layer-1 blockchains like Ethereum.
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