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The Graph confirms $50M funding led by Tiger Global Management
The Graph (GRT), a blockchain indexing firm, has confirmed a $50 million funding round which was led by Tiger Global Management. The funding round was confirmed on Thursday. Eva Beylin, director of The Graph Foundation, talked to Blockworks on the matter.
The Graph to use funds in onboarding new users
The Graph (GRT) confirmed that the $50 million funding would be used by the developers to onboard the next wave of users, contributors, and developers. As per the statement from Beylin, “the $50M raise gives The Graph Foundation the resources needed to attract core developers to help build out the next components on The Graph’s roadmap, which focuses on solving key centralization, security, and scalability challenges in Web3.”The Graph protocol indexes around 26 blockchains and is dubbed as the “Google of Blockchains.” Blockwall Digital, Fenbushi Capital, FinTech Collective, and Reciprocal Ventures also participated in the funding round, as per the report.
The Graph currently supports Ethereum, NEAR, Arbitrium, Optimism, Polygon, Avalanche, Celo, and Fantom chains. Furthermore, nearly 25,000 developers have built subgraphs on the chain too.
Investment in Semiotic AI
The Graph had also recently invested $60 million in Semiotic AI to develop the protocol’s ecosystem. It seems that the developers are focusing on improving the infrastructure of the ecosystem.Semiotic AI is a software startup that specializes in building autonomous decision-making agents for decentralized markets. “Semiotic will be using the grant to grow a dedicated R&D team that will be committed full-time to The Graph,” and its ecosystem, confirmed Beylin said.
Beylin also stated in his statement that:
“Our vision has always been clear: index all the world’s public data in a decentralized way. The past year has proven our thesis that Web3 is the future.”On the other hand, GRT token is trading at a value of $0.42, 85.39% low from its all-time high witnessed on Feb 12.
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