Blockchain startup Nxyz has secured $40 million in its series A funding round to expand across different chains.
The funding round was led by Paradigm. It also had participation from Coinbase Ventures, Sequoia Capital, and Greylock Partners. Some prominent angel investors like Jing Wang, Balaji Srinivasan, and Packy McCormick, amongst others, also took part in the financing round.
According to a release by the platform today, the funds will be utilized to expand the Nxyz team. With the aim to empower creative builders, Nxyz will channel the funds to build large support across emerging use cases. The startup is spun out of the private search engine Neeva. It is officially launching today after getting support from investors.
Furthermore, with the new funds, Nxyz will expand its team globally as well as onboard several blockchains subsequently. Founded in 2022, it currently has members in Austin, Mountain View, and New York.
Particularly, Nxyz was created to make developers focus on building at large and have the easiest way of indexing the data they need. In return, the innovation will ensure the adoption and success of web3.0. Sridhar Ramaswamy, CEO, and co-founder of Neeva will become the CEO of Nxyz.
Since the launch of the blockchain startup Nxyz earlier in the year, the company has seen significant growth. It has onboarded beta customers and processed over 5 billion transactions across Ethereum, Polygon, and Binance amongst others. Similarly, it has helped web3 developers enjoy fast, and reliable infrastructure to support their applications.
Crypto Firms Secure Funding
Despite the market downturn, a number of crypto firms have continued to enjoy funding from venture capital to develop the ecosystem.
Chainflip Labs, an Automated Market Maker secured $10 million through Venture Capital funding to build its decentralized cryptocurrency exchange (DEX). Similarly BlockApps, a Web3 blockchain company also pulled $41 million in a VC-led funding round.
Also, the crypto exchange platform KuCoin raised $150 million in its pre-Series B funding round to reach a $10 billion valuation. Funds from the round led by Jump Crypto were dedicated to strengthening its position in the ecosystem as it delved into web 3.0, NFTs, DeFi, and other subsectors of the ecosystem.