Nxyz Secures $40 Million in Series A Funding to Enhance Blockchain Indexing
Nxyz Secures $40 Million in Series A Funding to Enhance Blockchain Indexing
Nxyz, a blockchain indexing startup, has successfully raised $40 million in a Series A funding round led by Paradigm. The round also saw participation from prominent investors such as Coinbase Ventures, Greylock Partners, Sequoia Capital, and several angel investors, including Balaji Srinivasan and Packy McCormick.
Plans for Growth and Expansion
The funds will be utilized to expand the company's global team, enhance support for emerging use cases, and broaden its presence across multiple blockchain platforms. Nxyz aims to provide developers with fast, flexible, and reliable tools to build scalable decentralized applications (dApps).
Cutting-Edge Technology
Nxyz's platform, developed by former Google distributed systems engineers, offers real-time blockchain data with less than 200 milliseconds of latency. This high-performance capability is particularly beneficial for applications like wallets and NFT projects, enabling seamless user experiences.
Market Impact and Competition
While the blockchain indexing market is currently dominated by The Graph, Nxyz's innovative approach and superior infrastructure position it as a strong contender. The company has already processed over 5 billion transactions across major blockchains, including Ethereum, Optimism, and Avalanche, demonstrating its potential to drive industry growth.
Why This Matters
The availability of robust indexing solutions is crucial for the adoption of web3 technologies. By providing developers with efficient tools, Nxyz is helping to overcome existing infrastructure limitations and fostering innovation in the decentralized ecosystem.
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