Web3 Infrastructure Firm Blocknative Raises $15M for Ethereum Block Building Market
The funding round was led by Blockchain Capital, Foundry Group and several other venture capital firms.
Dec 15, 2022 at 6:56 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RE2X6IAC5BGEFHDURIMPS3QYFI.jpg)
Blocknative has become one of Ethereum’s biggest block builders (Shutterstock)
Blocknative, a Web3 infrastructure company, has raised $15 million in a Series A-1 round.
The funding was led by Blockchain Capital, Foundry Group, Rho, IOSG Ventures, Robot Ventures, Fenbushi Capital, HackVC, Industry Ventures and others, and the financing will accelerate Blocknative’s initiatives in the block building market in the Ethereum ecosystem.
Blocknative has become one of Ethereum’s biggest block builders, which are third-party providers that determine which transactions get included in blocks and in what order. Ever since Ethereum went through “the Merge” on Sept. 15 to move to a proof-of-stake consensus mechanism, Blocknative’s relay and block builders have added more than 17,000 blocks to the Ethereum blockchain.
"With this new financing round, Blocknative is ideally positioned to vigorously pursue the block building opportunity and help drive equitable value recirculation throughout the entire Web3 transaction supply chain” Blocknative CEO and co-founder Matt Cutler said in a press release.
“As the world increasingly moves on-chain, Blocknative remains committed to contributing meaningfully to the Web3 ecosystem through real-time access to pre-chain data, increased transaction transparency and web-scale infrastructure availability at each and every block,” Cutler added.
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Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.
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