SubQuery Network recently announced the completion of its funding round where it raised a whopping $9 million.
According to reports, SubQuery Network is a data indexing protocol for popular blockchain protocol Polkadot and Kusama. Interestingly, the fund was raised in a series A funding round using a Simple Agreement for Future Tokens (SAFT) sale. The funds obtained will also be directed towards facilitating the complete decentralization of the SubQuery ecosystem.
The SAFT sale funding round was led by top players in the blockchain and crypto space. Arrington Capital, Digital Currency Group, and Stratos Technologies all co-led the funding round. Other important participants include NGC Ventures, Wintermute, Hypersphere Ventures, and Skynet Trading.
🚀 SubQuery is excited to announce the close of our US$9 million Series A funding round co-led by @arringtonXRPcap, @DCGco and @StratosTec & participation by @hypersphere_ , @NGC_Ventures, @wintermute_t & @SkynetTrading_ https://t.co/QJFY9Ad0vW pic.twitter.com/MwRJOIZbbI
— SubQuery (@SubQueryNetwork) September 8, 2021
SubQuery Native Token Is Brewing
Speaking on the funding round, the CEO of SubQuery, Sam Zou, pointed out that, thanks to the successful completion of the funding round, plans are now in place to help decentralize the SubQuery Network. According to Zou, the indexing platform also has plans to launch its native token next year. All these amazing proposed updates will not have been made possible without the successful completion of the series A funding round. Plans are also in place to lend support to more L1 blockchains like Solana and Terra.
SubQuery is well known as a data indexing protocol currently providing support for the Kusama parachains and the Polkadot chain. The indexing protocol also allegedly completely bypasses the need for custom-made data processing servers. Therefore, making it possible for developers to concentrate on product development and other UX features instead of designing their personalized querying and indexing systems.
Decentralization Is Coming to the SubQuery Ecosystem
SubQuery is quite similar to the ETH-based protocol known as The Graph. However, as compared to The Graph, SubQuery is still basically yet to be decentralized. Despite this major drawback, the indexing protocol still offers its service to more than 60 projects, Moonbeam and Acala inclusive.
The DCG director of investments, Matt Beck, spoke highly of what SubQuery is looking to achieve. Furthermore revealing that “SubQuery is a critical part of the Polkadot stack.” He added that his entire team was pleased by SubQuery’s “[…] passion, knowledge, and dedication towards their work and are very excited to back them.” Interestingly, Digital Currency Group (DCG) was one of the platforms that co-led SubQuery’s recent funding round.
The Indexing protocol currently employs 15 people. Following the completion of the funding round, plans are now in place to employ more engineers soon.
Following the completion of the Series A funding round, SubQuery’s total funding currently stands at $10.8 million. The indexing protocol early this year also completed a seed funding round where it raised $1.8 million.
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