Blocknative raises $5M in latest funding round
The Ethereum-focused project announced new funding from Coinbase Ventures, Industry Ventures and others
Ethereum blockchain data startup, Blocknative, announced yesterday that they had raised $5 million with the help of new investors including Coinbase Ventures, Industry Ventures and IDEO CoLab Ventures. The new financing brought their total amount raised up to $7 million and was spearheaded by leading blockchain industry venture firm Blockchain Capital.
Blocknative aims to increase transparency in the transaction settlement process and eliminate the risks associated with terms of settlement, transaction fees and the time it takes to settle. They plan to do this by building pioneering infrastructure on the mempool – the pre-consensus layer for pending transactions.
General Partner at Blockchain Capital, Spencer Bogart, said in a blog post yesterday “That’s why we’re excited to lead Blocknative’s seed round and why I’m joining the Board of Directors. Blocknative is the first company focused on building a crucial piece of missing infrastructure for in-flight transactions — their global data platform captures thousands of mempool events every second and Blocknative is leveraging this first-mover advantage to provide unrivalled transparency to transaction settlement.”
The current lack of transparency provides exploitable opportunities for malicious actors with the right resources. The need for Blocknative’s technology has been evidenced in recent years by the use of arbitrage bots and mempool manipulation.
Blocknative’s solution is their application programming interface (API) and software development kit (SDK) which provide access to global mempool data, making it easy to build with and integrate. Also, their Mempool Explorer can build real-time transaction event streams. Their other offerings include Notify.js for delivering live transaction notifications and Onboard.js which allows Web3 builders to integrate with more than 20 different Ethereum wallets.
As blockchain transactions grow over the coming years, Blocknative’s solutions will become increasingly important. More than 200 projects are already using Blocknative in production, including Synthetix, Curve, Zapper and RelayPay.
As well as Spencer Bogart’s involvement, Blocknative are welcoming MakerDAO’s Head of Smart Contracts, Mariano Conti, and former Coinbase Senior Product Designer, Zach Krasner, to their Board of Advisors. They are also looking for more professionals to expand their engineering, design and go-to-market teams as they aim to accelerate the arrival of a future in which blockchain transactions are safe and transparent.