Nxyz, a blockchain indexing startup, has announced it raised $40 million in Series A funding led by Paradigm, with Coinbase (NASDAQ:COIN) Ventures, Greylock Partners, Sequoia Capital, and others also participating. Angel investors like Balaji Srinivasan, Jaynti Kanani, Jing Wang, Packy McCormick (NYSE:MKC), Surojit Chatterjee, Ryan Selkis, and others also invested.
Nxyz said it’s going to use the funds to hire more employees globally, build robust support across emerging use cases, and expand across different chains.
“We created nxyz so that developers can focus on building at scale, and have the fast and simple method for indexing data they need. I’m convinced this is exactly the kind of innovation needed to help ensure the widespread adoption and success of web3,” said nxyz CEO Sridhar Ramaswamy. The platform, which is built by a team that includes ex-Google distributed systems engineers, provides fast, flexible, and real-time blockchain data within less than 200 milliseconds. According to nxyz, the high throughput directly benefits applications like wallets and NFT projects.
“Web3 developers today lack fast, flexible, and reliable infrastructure to support their applications, which holds the industry back from widespread adoption. nxyz has a truly superlative team that has built the best data indexing infrastructure for web3, and we at Paradigm are thrilled to support them,” said Matt Huang, co-founder and Managing Partner at Paradigm. Launched early this year, nxyz has onboarded multiple beta customers and has processed over 5 billion transactions across Ethereum, Optimism, Arbitrum, Polygon, Binance, and Avalanche.
On the Flipside
- The blockchain indexing market is dominated by the Graph. It’s unclear what new benefits nxyz brings to the table.
Why You Should Care
Blockchain indexing helps developers to build decentralized applications faster and more efficiently. On top of that, the blockchain indexing market is dominated by one player, the Graph. Having more indexing protocols helps drive innovation and offers more opportunities to developers.
Read more about Microsoft’s latest web3 investment:
Space and Time Secures $20 Million Strategic Funding Led by Microsoft’s Venture Fund
Read more about ex-Meta executives’ ventures in the crypto space:
Former Meta Executives Raise $300 Million in Funding to Develop Sui Blockchain