The Graph Raises $50M in Funding Round
The Graph enables the indexing of data on the blockchain. It is a subgraph-based technology that makes the data accessible for developers.
Its open-source API, short for Application Programming Interface, allows different applications to communicate with each other in an ecosystem. The Graph has tagged itself as the Google of the blockchain industry.
Funds Raised By The Graph
A fund of $50 million has been raised by The Graph. Its recent investment round was led by Tiger Global. Other investors who participated in the investment round were Fenbushi Capital, FinTech Collective, Blockwall Digital Assets Fund, and Reciprocal Ventures.
The Graph has identified the need to enhance the connective tissue. This is exactly the area that it will be targeting to deploy the funds raised in the investment round.
As per a statement in the press release, The Graph plans to utilize the fund of $50 million to enhance the efficiency of Web 3 by developing the connective tissue. Web 3 is a blockchain-based next-generation internet.
John Curtis, a Partner at Tiger Global, called it a trillion-dollar market that was growing rapidly. He added that he expects exponential growth in the data being stored on the blockchain.
The open-source API of The Graph is currently being used by Syntehtix, Uniswap, Gnosis, KnownOrigin, Audius, Liverpeer, Decentraland, Balancer, and DAOstack. It can index data from Near, Ethereum, Polygon, Arbitrium, Celo, Avalanche, Fantom, IPFS, and Moonbeam.
Investment in Crypto-startups became a welcoming move in the last year. Two prominent names invested in such ventures. These investors were OpenSea and Animoca Brands Corp.
Their investment has generated a profit since the last. As per the public figures available for Animoca Brands Corp, it is now valued at $5 billion. Such is the power of investing in a Crypto-based venture.
Any amount of investment in the Crypto space is a step forward to raise the bar that was set in the previous year. Investments have picked up, with many popular names getting on board. Many others are expected to join the course if the trend continues.
The market capitalization of The Graph has touched the value of $2.5 billion. Going by what John Curtis said in the statement, the market will only grow as there is an increased demand for storing the data on the blockchain.
The industry of blockchain storage has grown in the past. The trend is rising in the current year, and there is not a single argument that opposes the assumption of its rise in the coming future.
Funds raised by The Graph will enhance the efficiency of Web 3 and set the momentum for others.
The Graph also raised funds from community members, individuals, and VCs. These include DCG, Coinbase Ventures, and Tally Capital, to name a few.
GRT is currently trading at $0.48. Check out the Graph price prediction to know the future potential of the Graph.
