Tendermint Inc, a blockchain technology company, announced on 14 March that it has secured 9 million U.S. dollars Series A financing led by Paradigm, a crypto asset investment firm.
Tendermint commenced by noting the participation from other venture capital firms like Bain Capital, and 1confirmation. Tendermint noted that Series A round of financing builds on a year of adapting to market trends. A concurrent development was the awaited launch of Tendermint’s Cosmos Hub mainnet. Tendermint noted that the two events were well-timed and closed in parallel.
Tendermint expressed that with Cosmos Hub going live, a multitude of projects that have been working on their own public blockchain are gearing up for launch. Such projects would launch their own networks and provide facility to connect to Cosmos Hub.
Tendermint cited on the financing as –
“Tendermint Inc’s foremost mission is to build the foundation for a new token economy which serves as the backbone to high value public blockchains. Part of the funds will be used by Tendermint Inc to support the continued development of the Cosmos Network and its ecosystem. But the funds will also help us scale the Tendermint team and work towards a sustainable business model.”
Jae Kwon, CEO of Tendermint Inc and Contributor of Cosmos, emphasized the prominence of Cosmos Hub. Jae noted that blockchain technology is riddled with problems like low scalability, a lack of usability and many governances/environmental issues. Jae expressed that Cosmos Network would work to overcome these limitations.
Tendermint continued to highlight the projects that are using the Cosmos software development kit (SDK) and Tendermint Core. The National Thai ID project, with the aim to provide on-chain identity to the citizens of Thailand, was one such project. Another notable project was Terra, with a mission to launch its innovative payment network.
Last year, Tendermint had shared an update on the plans for a Cosmos DEX. Tendermint had expressed that it is dedicated to building open-source software for a general purpose decentralized exchange (DEX). Tendermint had clarified that they have already started working on the specifications and will soon implement the DEX software. The Cosmos DEX software will function as a prototype for implementing any DEX designs.
Tendermint concluded by conveying the words of the investors towards them. Matt Huang and Charlie Noyes from Paradigm expressed much enthusiasm to support Cosmos’s vision for an ecosystem of interoperable blockchains. Salil Deshpande associated with Bain Capital stated that they envision a future where multiple blockchains would serve specific use-cases.