Blockchain distribution network bloXroute, which eases out many of the pain points currently affecting the global DeFi economy, has secured $70 million during its Series B fundraiser. The campaign was helmed by tech-focused VC giant Softbank Vision Fund 2 alongside other financial firms such as Blindspot, Dragonfly, Flow Traders, Flybridge, GSR, Jane Street, Lightspeed, ParaFi Capital and Rockaway Blockchain Fund.
bloXroute is a scalability-focused data relay network that enables DeFi enthusiasts to process voluminous transactions at lightning speeds as well as extremely low gas fee rates. The project's digital setup allows it to harness block propagation speeds and transaction discovery rates that are substantially faster than its core competitors.
Providing his thoughts on the fundraiser, Uri Klarman, Co-founder and CEO of bloXroute, commented: "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. This investment enables us to expand our team, extend our reach, and continue making the propagation of data more efficient and reliable."
As the total value locked (TVL) within the DeFi ecosystem has continued to rise, with the metric jumping from $9 billion to approx. $80 billion over the last couple of years, bloXroute is perfectly placed to help this yet nascent industry grow. The platform allows users to not only mitigate issues related to network congestion but also streamlines the sending/receiving of sensitive data such as buy and sell orders, prices, positions, liquidations, oracle updates within a matter of seconds.
The DeFi ecosystem is being transformed by projects like bloXroute
Straight off the bat, bloXroute's native data distribution framework helps clients alleviate a number of issues associated with pending transactions, block additions, trade order failures â all while offering extremely high throughput rates. Commenting on his company's move to fund bloXroute, SoftBank's Aaron Wong, noted:
"We believe that bloXroute holds the key to unlocking faster transaction speeds and reduced latency on multiple blockchain networks. Its 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."
Lastly, owing to bloXroute's future ready infrastructure, the more the number of users, mining pools, validators, DeFi networks linked to its project, the more efficiently bloxRoute is able to transfer data back/forth internally. HaseebQureshi, 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."