As a critical infrastructure provider for quick decentralized finance (DeFi) trades on Ethereum, Polygon, and Binance Smart Chain, bloXroute has raised $70 million in Series B funding to boost its quest of reducing latency on blockchain networks.
bloXroute, a blockchain distribution network (BDN) meant to enhance blockchain scalability, completed the funding campaign spearheaded by SoftBank. The other participants included Rockaway Blockchain Fund, ParaFi Capital, Lightspeed, Jane Street, Flybridge, Flow Traders, Dragonfly, and Blindspot.
The quest for lightning speeds
With a DeFi transaction volume of more than $1.5 billion daily, bloXroute’s objective is to render lightning speeds in the decentralized finance arena.
bloXroute enables DeFi traders to win more transactions by avoiding network congestion through a distributed infrastructure meant for mempool services and block propagation. Per the report:
“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).”
Aaron Wong, an investor at SoftBank Investment Advisers, stated:
“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. We are thrilled to partner with Uri and the team to help build a blockchain superhighway with uncongested performance.”
“We believe that bloXroute holds the key to unlocking faster transaction speeds and reduced latency on multiple blockchain networks.”
With the DeFi sector taking the world by storm, the company intends to make transactions less cumbersome for optimal returns.
Haseeb Qureshi, a managing partner at Dragonfly, pointed out:
“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.”
Given that bloXroute is designed for the rapid dissemination of blockchain blocks, it propels decentralization by minimizing wasted miner efforts. Uri Klarman, the co-founder and CEO of bloXroute, added:
“This investment enables us to expand our team, extend our reach, and continue making the propagation of data more efficient and reliable.”
Meanwhile, Investcorp, a global manager of alternative investment products, recently launched the first institutional blockchain fund in the Gulf Cooperation Council (GCC) aimed at propelling a blockchain-powered digital evolution.
Image source: Shutterstock