The Graph, a startup that likens itself to Google, but for indexing information that lives on blockchains, has raised $50 million in a funding round that was led by Tiger Global Management.
Blockwall Digital, Fenbushi Capital, FinTech Collective and Reciprocal Ventures also participated in the round, which was announced Thursday.
A large amount of connective tissue is needed to make the blockchain-based next generation of the internet, known as Web 3, function properly. The Graph is a protocol for indexing and querying blockchain data using open-source APIs, called subgraphs, that let developers easily access that data. An API, or application programming interface, is a way for two computer programs to interact.
The Graph supports indexing data from 26 different blockchain networks, including Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam and IPFS. So far, its subgraphs are used by Uniswap, Synthetix, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius and Decentraland, according to a press release.
“We expect to see an exponential increase in the data being stored on blockchains, especially given the pace at which the trillion dollar market has been growing over the past year," John Curtius, a partner at Tiger Global, said in the statement. "The Graph is one of the most important pillars of the decentralized web.”
The Graph’s GRT token was trading at around $0.48 at the time of publication.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.