Blockchain Startup Raises $9 Million to Improve Interoperability Between Other Blockchains

 

Tendermint, a blockchain startup which works to improve the efficiency, speed, and security of the blockchain technology, completed a $9 million Series A funding round, the company has announced.


A couple of days ago, Tendermint announced the launch of Cosmos Hub, a blockchain platform which is focused on improving the interoperability between other blockchains, irrespective of their number. A portion of the raised funds will be deployed to support Cosmos project, while the other part will be used to attract talent and build a sustainable business model.


“The launch of the Cosmos Network is the first major milestone in the development of this network and represents the culmination of 40 years of computer science research, with a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism being deployed live for the first time. Now we’re encouraging developers to develop applications that take full advantage of the promises of this powerful ecosystem.”  said Jae Kwon, the CEO of Tendermint.

The funding round was led by Paradigm, a crypto investment firm which manages around $400 million in assets, while the official statement also notes the participation of Bain Capital and  1confirmation, among other companies.

“We are excited to support Cosmos’s vision for an ecosystem of interoperable blockchains. The team, led by Jae Kwon, has shown years of dedication and a keen understanding for trade-offs in decentralized system design. We are particularly excited with the team’s progress in building the first production-ready Proof of Stake BFT system, and we look forward to seeing what new decentralized applications that enables,” said Paradigm’s Matt Huang & Charlie Noyes.

Binance’s CZ also voiced his support for Cosmos by adding that one part of Binance DEX is based on the Cosmos technology.


Tendermit’s other software, Tendermit Core, rests on two main pillars –  BFT and p2p networking protocol and it is also gaining popularity.