Working as a well-recognized curator of devoted infrastructure for management of public blockchain trades, Blocknative has cracked a milestone with its latest Series A funding event in which it has pooled $12 Million from top-tier investor entities. The in-flight transaction tracker of Blockchain received support from investors who participated in the fundraising. The Rho Capital’s Ignition Fund led the event.
The money collected by Blocknative shall be used by it to expand its core capacities within the cluster. The team will emphasize strengthening its infrastructure tools to infuse the latest developments suiting customers’ requirements.
According to the announcement, Blocknative has raised over $19 Million through funding events since its inception into the industry. In July 2020, the firm raised $5 Million in a seed funding round. Apart from the funding, Blocknative has proudly welcomed Rho Capital partner Dan Ruch to its group as a member of the Board of Directors. Another name will be added to the list of new entrants as a member of the Board of Advisors will be MyCrypto founder and CEO Taylor Monahan.
The team boasts of a strong investor cluster, including renowned brands like Foundry Group, Blockchain Capital, Industry Ventures, Coinbase Ventures, IDEO CoLab Ventures, etc. With the latest funding, several new investors will be adding to the list, including:
- Rho Capital’s Ignition Fund
- Altonomy Ventures
- Founder and CEO of Aave – Stani Kulechov
- President of Anchorage – Diogo Monica
- Founders of Bankless – Ryan Sean Adams and David Hoffman
- Robot Ventures/Robert Leshner
- Synthetix’s Kain Warwick and Jordan Momtazi
Talking about the service, CEO Matt Cutler revealed that mempool would work as a digital waiting room for the crypto transactions lined for validation. This ‘dark forest’ tool will help entities to get information about the forthcoming on-chain procedures.
The users can predict gas charges, detect intrusions, and trace in-flight trades still waiting for final settlement in the wallet. The project has received an overwhelming response from the industry, with annual revenues surging by 1,500%. Top firms like Compound, Curve, Yearn Finance, etc., have signed up for the project in a year. Nearly 40% of customers are developers, whereas the remaining 40% are traders looking forward to using the mempool data for their purposes.