Web3 infrastructure Firm ChainSafe Raised $18.75M in Series A Funding

• Blockchain Council
• May 03, 2024

As worldwide businesses start recognizing the potential of blockchain and the web3 ecosystem, Chainsafe is focusing aggressively on cross-chain interoperability technology and blockchain gaming to empower web3 ecosystem adoption growth. The web3 firm announced its series A fundraising worth 18.75 million USD.

As per the official announcement report, the organization plans to fuel the development of a complete web three ecosystem with this series A funding. Round 13, a well-known venture capitalist firm, raised the fundraising round for Chainsafe. Several renowned venture capitalist investors, including Hash key Capital, NGC Ventures, Sfermion, Digital Finance Group, Fenbushi Capital, and Jsquare, participated in the fundraising. 

Chainsafe’s vision is to optimize the use of investment for web 3 ecosystem development. Joseph Lubin, the co-founder of Ethereum, stated, “The people of Chainsafe combine integrity and excellence as well as any company in our ecosystem, and no organization has earned trust more broadly among its peers. This series A raise enables Chainsafe to continue its rapid growth path of strategic and synergic protocol and product development.“

Chainsafe has been successful in specializing in cryptographic technologies and has earned recognition among brands as a core protocol developer for Ethereum, Filecoin, Polkadot and other prominent blockchain ecosystems..

With Web3.unity, the flagship product of Chainsafe, the organization plans to bridge the gap between gaming services and blockchain. The product can reduce complexities and add ownership to the gaming industry. 

The SDE kit is crucial in boosting web 3 growth and blockchain gaming. According to several industry experts, the blockchain gaming industry is set to reach a market validation of 2.8 billion USD within five years. 

As per the announcement by Chainsafe, the organization looks forward to contributing to web3 decentralized gaming by developing bridging solutions for significant blockchains to work together. 

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