Decentralised data storage solution, KYVE Network, has raised $9 million in a funding led by Distributed Global to expand Web3 data lake and create more use cases to grow the Web3 ecosystem.
KYVE, a protocol that enables data providers to standardise, validate and permanently store blockchain data streams, said the financial round is its third – channeling the support for its upcoming mainnet launch and current effort to expand its Web3 data lake as well as increase it’s manpower.
[…] a major part of the proceeds from this fundraising round will be directed towards continuing the growth of KYVE’s Web3 data lake, bringing on more integrations and unique use cases to benefit Web3 scalability, KYVE said in a statement.
Wicklow Capital, IOSG Ventures, Anagram (Joseph Eagan and Lily Liu), Cerulean Ventures, Huobi Incubator and MEXC also participated in this round.
Decentralised and validated data archiving is the cornerstone of a successful Web3 product because it allows it to scale. The framework KYVE is building across chains allows developers to collect and categorise data from a truly decentralised environment, Fabian Riewe, co-founder of KYVE said.
“Instead of relying on centralised snapshots, KYVE Network is powered by decentralised uploaders and validators, therefore respecting the original Web3 ethos.”
The funding round comes at a time when the cryptocurrency market is in a bear mood with various coins shedding prices.
Herve Bizira, partner at Distributed Global, said KYVE would play a huge role in building a library of decentralised, cross-chain and trusted data feeds that any dApp can leverage.
By leveraging KYVE and skipping the time-consuming process of building their own data management infrastructure, companies will be able to build and iterate at a pace never before seen, Bizira said.
The Block reported that KYVE’s value stands at $100 million following the new funding.
KYVE said it has 950 nodes, including 850 protocol nodes and 100 chain nodes, more than 23.7 million on-chain events, created 182,000 bundles of data and has over 130,000 members.