Crypto infrastructure firm Conduit has raised $37 million via its latest funding round. Paradigm and Haun Ventures co-led the multi-million dollar Series A funding round.
Robot Ventures, Credibly Neutral, Coinbase Ventures, and Bankless Ventures participated in the raise alongside several angel investors.
Via the funds amassed, Conduit intends to foster the development of new, customizable, and reliable blockchain-based products and services like rollups. This raise also advances the firm's goal of making on-chain compute as accessible as cloud compute, to help developers build without hassle.
Further elaborating, Andrew Huang, the founder of Conduit said,
“This raise will help us push beyond the typical rollup deployment use case. Since our launch, we’ve helped teams like Degen and Proof of Play build the first L3s. Next, we’re going to tackle integrations for other key pieces of on-chain infra.”
On its part, technology investment firm Paradigm made it to the headlines when it amassed a whopping $850 million in mid-June, making it one of the largest fundraises in history. The aforementioned third venture fund of Paradigm will be used to invest in early-stage crypto projects.
Paradigm is a notable investor in several crypto firms already. Coinbase, Friend.tech, Uniswap, Optimism, Chainalysis, Fireblocks, Blast, MakerDAO, MoonPay, and Gitcoin are a few of them.
Paradigm’s Georgios Konstantopoulos will be joining Conduit's board of directors alongside Haun's Chris Ahn.
Since its inception in late 2022, Conduit has launched 287 rollups on its testnet and mainnet. The announcement post highlighted that at the moment, its rollups secure over $1.2 billion in total value locked [TVL], process 1/5th of the transactions on Ethereum, and scale gas usage 15x higher than Ethereum L1’s capacity.
Conduit users are building a host of applications ranging from DEXes to on-chain games, and full-fledge ecosystems. According to the firm’s founder, many of these business models would not exist without the scaling Conduit rollups enabled.
Huang asserted,
“Abundant on-chain compute is ushering in a golden age for crypto startups, just like cloud did for Web 2.”
