Tendermint, blockchain consensus algorithm, and peer-to-peer (P2P) networking protocol, has just successful raised $9 million in a Series A investment round, according to the post published on March 14.
The Series A investment round led by cryptocurrency investment company Paradigm, with contribution from Bain Capital and 1confirmation among other investors.
The firm stated that part of the funds will be spent on the continued development of the Cosmos Network and its ecosystem. Also, Tendermint will leverage this investment to build up its team and aim for a sustainable business model.
As per the blog post, the funding round was “well-timed”, closing shortly after the mainnet launch of Cosmos Hub on March 13. The company is convinced that Cosmos would go beyond the limitations and strive for “the Internet of Blockchains, a decentralized network of independent, scalable, and interoperable blockchains.”
Speaking of the investment, Matt Huang & Charlie Noyes from Paradigm said:
“We envision a future where multiple blockchains serve specific use-cases — store of value, privacy, general purpose smart contract platforms, and many others. In this future, interoperability solutions provide crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains.”
Tendermint Inc is known for buildịng and maintaining critical infrastructure for decentralized applications and purportedly supports several notable projects including National Thai ID project, Binance’s decentralized digital currency exchange, and Terra, a stablecoin project headquartered in South Korea.