Celestia Foundation Raises $100M as Its TIA Token Falls 54%
The news comes as as Celestia's native token, TIA, had fallen 54% since the beginning of 2024.
Celestia Foundation, the organization behind the Celestia blockchain network, announced today that it has raised $100 million in a Series B funding round led by Bain Capital Crypto.
The capital will be used to further the development of Celestia’s modular blockchain technology, which is designed to scale Ethereum by making it possible to store data off-chain.
The foundation has now raised a total of $155 million in funds, and counts participation from IOSG Ventures, HashKey, SNZ, and IOSG Ventures.
Celestia is part of a growing field of modular blockchains, aimed to solve scalability issues with features that enhance the speed or execution of transactions. It is also a provider of data availability, which is pitched as a cheaper alternative to storing data on layer-1 blockchains like Ethereum.
Modular blockchains are a hot topic in the crypto space, as they offer a potential solution to the scalability problems faced by many layer-1 blockchains. Celestia is one of the leading modular blockchain projects, and its technology has the potential to significantly scale Ethereum.
Modular blockchains are still a relatively new concept, and it will be interesting to see how Celestia’s technology develops and is adopted by the Ethereum community in the coming months and years.
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