A blockchain protocol called Connext Labs has received $7.5 million in funding from Polychain Capital, Polygon Ventures, and other investors in an effort to facilitate the creation of applications that may access numerous networks.According to a Wednesday email statement, the round, which brings Connext’s total funding to $23.2 million, values the business at $250 million.
Connext claimed to be “building the HTTP of Web3,” creating a layer of communication between several blockchain networks to enable applications to interact with money and data on numerous networks at once.
Developers can create apps with more ease thanks to interoperability, as opposed to the possibility of their being slowed down by heavy fees or congestion on a single blockchain, a worry that is frequently expressed regarding Ethereum, the largest decentralized finance (DeFi) network in the world.The newly acquired funds will be utilized to launch the Connext Foundation, which will be in charge of providing money for Connext-created projects and development awards. Along with Scalar Capital and 1kx, other investors in the startup include Coinbase Ventures, Ethereal Ventures, and Coinbase.