Nxyz has successfully raised $40 million, which will enable faster blockchain indexing

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Last Updated on October 14, 2022 by Bitfinsider

Nxyz is a Web3 platform that enables data infrastructure for blockchains. It recently secured $40 million in Series A funding, led by venture capital firm Paradigm and including additional participation from Coinbase Ventures, Greylock Partners, and Sequoia Capital. In addition, angel investors like Balaji Srinivasan, Jaynti Kanani, Jing Wang, Packy McCormick, Surojit Chatterjee, and Ryan Selkis took part in the venture.

According to Nxyz, the funds that have been raised will be utilized to expand the company’s team, build support across a variety of emerging use cases, and expand across a number of different chains. In the coming weeks and months, the company’s primary focus will be on expanding its team globally, across engineering and partnerships, and additionally onboarding several additional blockchains.

By providing builders, creatives, and entrepreneurs with a more efficient blockchain indexing and data infrastructure, the Web3 platform has the goal of empowering these groups to build a better internet. The company asserts that its blockchain application programming interface (API) delivers real-time blockchain data in fewer than 200 milliseconds.

The platform, which was developed by the engineers who were responsible for building Google and Neeva’s distributed systems, functions by ingesting data directly from blockchains and the applications that are associated with them in real time. This provides software developers with an API suite that makes it simple for them to use blockchain data. Applications such as cryptocurrency wallets and nonfungible token projects are said to benefit from the company’s infrastructure and throughput capacity in a positive way.

According to Sridhar Ramaswamy, the Chief Executive Officer of Nxyz, the platform was developed so that developers can concentrate on building at scale while also having a simpler and faster method of indexing the data that they require. According to his assessment, this is the kind of innovation that the sector requires in order to ensure widespread adoption and success.

Since the beginning of this year, when the platform was first launched, Nxyz has successfully onboarded beta customers and completed more than 5 billion transactions across Ethereum, Polygon, Binance, Avalanche, Arbitrum, and Optimism.

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