Image: BloXroute
Decentralized Finance (DeFi) company, bloXroute, has successfully completed a $70 million Series B funding round to boost the development of its blockchain distribution network. Announced Tuesday, the latest funding round was led by SoftBank Vision Fund 2 with participation from Blindspot, Dragonfly, Flow Traders, Flybridge, GSR, Jane Street, Lightspeed, ParaFi Capital, and Rockaway Blockchain Fund.
The latest funding round is expected to improve and enhance the functions of bloXroute, unlocking faster speeds and reduced latency on its network and several blockchain networks, the statement from the team reads. Furthermore, the funding will be used to expand the bloXroute team and push for wider user adoption across the globe.
“We are thrilled to announce today’s significant milestone as we welcome Softbank Vision Fund 2 and other new investors and thank them for this vote of confidence,” Uri Klarman, Co-founder, and CEO of bloXroute said. “This investment enables us to expand our team, extend our reach, and continue making the propagation of data more efficient and reliable.”
bloXroute is a content distribution network built to scale up blockchain networks via its blockchain distribution network (BDN). The network allows users to transmit data and receive information such as pending transactions and new blocks and send their own trade orders in seconds. This enables DeFi traders to win more trades by providing infrastructure for mempool services, transactions, and block propagation. bloXroute’s unique network topology offers up to 2 seconds faster block propagation, up to 1 second faster transaction propagation, and 50-400 milliseconds faster transaction discovery (also known as mempool services).
With experts predicting the DeFi ecosystem could reach $1 trillion in total value locked (TVL) by 2030, networks such as bloXroute could be crucial in pooling users to the ecosystem. bloXroute’s technological superiority is strengthened by its network effect. The more users, traders, mining pools, validators, and DeFi projects connect to the BDN, the faster it becomes by receiving data directly from its source, and the more value it provides to its customers.
Aaron Wong, an investor at SoftBank Investment Advisers, believes the bloXroute network “holds the key to having faster transactions speeds, scalable blockchains, and reduced latency” in the blockchain space.
“bloXroute’s global distribution network enables unparalleled transaction settlements for trading and we foresee exciting use cases to emerge in industries such as NFTs, blockchain-based metaverses, and gaming,” Wong added. “We are thrilled to partner with Uri and the team to help build a blockchain superhighway with uncongested performance.”
The Chicago-headquartered platform aims to also boost peer-to-peer trading across DeFi users, making it easier and cheaper to transact across multiple blockchains. bloXroute has launched a high-performance Blockchain Distribution Network (BDN), allowing its users to avoid network congestion and reliably receive critical information about buy and sell orders, prices, positions, liquidations, and oracle updates almost at the speed of light.
Haseeb Qureshi, Managing Partner at Dragonfly commented:
“DeFi has exploded in growth over the last couple of years, but DeFi infrastructure is still in its infancy. We are excited to be in business with bloXroute, and believe this partnership will accelerate mainstream DeFi acceptance and bring real solutions to the DeFi space.”
Finally, the company also welcomes fundraising round participant, Robert Kaplan, Investment Director at SoftBank Investment Advisors, as part of the board of directors.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
