- The Graph raises $50M in funding round.
- To make the blockchain-based next generation of the internet, known as Web 3, work effectively, a lot of connective tissue is required.
According to CoinDesk, The Graph (GRT/USD), a business that bills itself as “Google for blockchains,” raised $50 million in a new investment round led by Tiger Global on Thursday.
The Graph indexes the data contained in blockchains. The round was also attended by FinTech Collective, Fenbushi Capital, Reciprocal Ventures, and Blockwall Digital Assets Fund.
The Graph is a subgraph-based technology for indexing and accessing blockchain data. These are open-source APIs that provide easy access to that data for developers. APIs (application programming interfaces) allow applications to communicate with one another.
To make the blockchain-based next generation of the internet, known as Web 3, work effectively, a lot of connective tissue is required. An API (application programming interface) is a method for two computer applications to communicate with one another.
The Graph can index data from Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam, and IPFS, among other blockchain networks. According to a press statement, Uniswap, Synthetix, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius, and Decentraland have utilised its subgraphs so far.
The Graph’s open-source APIs are now used by platforms such as Uniswap (UNI/USD), Synthetix, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius, and Decentraland (MANA/USD).
“We expect to see an exponential increase in the data being stored on blockchains, especially given the pace at which the trillion dollar market has been growing over the past year,” John Curtius, a partner at Tiger Global stated.
“The Graph is one of the most important pillars of the decentralised web.”
The Graph gathered funding from blockchain community members, key VCs, and significant individuals, including Coinbase Ventures, DCG, Framework, ParaFi Capital, CoinFund, DTC, Multicoin Reciprocal Ventures, SPC, Tally Capital, and others, to fund network growth.
At the time of writing, the GRT token of The Graph was trading at roughly $0.48.