Chainsafe Raises $18.75m to Advance Adoption & Sustainable Growth in Web 3

Canadian-based Blockchain research and development firm Chainsafe has raised $18.75 million in oversubscribed Series A funding backed by prominent industry venture firms, including a Canadian venture capital firm, Round13.

According to the announcement, this funding will be used to expand its operation and foster the adoption and sustainable growth of the web3 ecosystem by building long-lasting blockchain development tools. Other investors included in the funding are NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital.

Launched in 2017, Chainsafe is a blockchain infrastructure firm co-founded by Aidman Hyman and Hatcher Lipton at an Ethereum meetup in Toronto. The firm started at a time when the blockchain industry was still very much at its beginning and in need of better development tools.

“We have been close to Chainsafe in the early days when decentralized protocols were defining themselves and coming into their own,” said Joe Lubin in the announcement. He added, “This raise enables Chainsafe to continue on its path of thoughtful synergistic protocol and product development.”

Chainsafe has been the developer behind multiple projects across chains. One of its recent projects includes web3.unity, a software development kit (SDK) for connecting Unity games to blockchain technologies and cross-chain bridging solutions.

Despite the extreme market conditions, Chainsafe is not the only firm getting fundraisers. On Monday, Tapio Protocol, a synthetic asset Polkadot-based protocol, acquired a total of $4 million in funding to foster staking and crowd-loan derivatives efficiency on the Polkadot blockchain.

Investors in the seed round funding included Spartan, LongHash, 0xVentures, CMS, D1 Ventures, 11–11 DG Partners, Genblock, Valhalla, PAKA, and Double Peak.

In addition, last week, Blockchain.News reported Uniswap Labs raked in a sum of $165 million in Series B funding to focus on releasing new products. The funding round was led by Polychain Capital, with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant.

Image source: Chainsafe