KYVE Raises $ 2.8 Million to Advance Web 3.0 Data Storage
KYVE Data Archiving Protocol announced a $ 2.875 million Series B fundraiser initiated by institutional capital firms Permanent Ventures and Hypersphere Ventures in which a large collection of crypto projects and individual angel investors, including including, but not limited to, Coinbase Ventures, Volt Capital, Justin Kan and Robin Chan, participated.
KYVE expressed the ambition to become the leading project in the Web 3.0 sphere with an inherent focus on data collection and numerical computation.
The newly created project, currently in the testnet phase, uses the Arweave blockchain indefinite storage service to provide a large number of Web 3.0 use cases, including interoperability between chains through bridges, data storage and oracles.
The news follows the project’s first round of funding six months earlier in which a plethora of well-known names in the industry participated through their foundations: Solana, Avalanche and NEAR, among others.
Beginning of October, KYVE collaborated with Polkadot-based Moonbeam Network to enable Polkadot developers to benefit from KYVE data services. The partnership also opened up the possibility of greater scalability measures and high liquidity capacity through Ethereum Virtual Machine contracts.
Related: Arweave Secures $ 5 Million Funding Led By Andreessen Horowitz
Fabian Riewe, co-founder of KYVE, praised the progress made by the firm, as well as their future ambitions:
âThe past six months have been an incredible journey for KYVE. We’ve improved the product, added new integrations, grown our team with great talent, and grown the community significantly. Our mission is more ambitious than ever: we want to become the default data collection and calculation tool for all Web3 projects.