Even with economic turbulence crypto companies and projects continue to rake in millions in funding. Due to this, it has become increasingly common for really impressive projects to receive funding from big names but they fail to make headlines. That being said at the end of September two different projects received funding from some big names and these respective projects could shake up the space for the better!
FTX Ventures Co-Leads Coral Funding Round
If Coral is a name that sounds familiar but you cannot place it they were the creators of Anchor the popular development framework on the Solana blockchain. The $20 million raised in this round of fundraising comes at a pretty good time for Coral. This money is earmarked for expanding their team and bringing in more world-class talent. With how both tech and crypto companies have been pausing hiring and slashing jobs this funding lets them snag the best talent out there. The announcement of this funding round coincided with the launch of the company's first flagship product called Backpack.
By continuing to build out its team and launch new endeavors like this Coral could continue to become a larger and larger player in the Solana space. Anchor has been extremely successful with being used by 11,500 engineers and being the framework behind some of the most important dapps on Solana. These dapps include top Solana DeFi projects like Solend, Raydium, and Lido Finance while also having the largest NFT marketplace on Solana MagicEden utilize their protocol as well. Given its premium positioning here this money could help spur them to take things to the next level development-wise.
Microsoft Leads Strategic Funding Round in Data Warehouse Space and Time
No matter what type of future one envision data is going to remain king. With data remaining vital moving forward it only makes sense for decentralized, fast, and secure data processing for businesses to be just as vital. This is where Space and Time comes into play as they hope to be a leading provider in this space.
This startup got its start as part of Chainlink's "Startup with Chainlink" initiative and in this $20 million funding round led by Microsoft with other participating including the likes of Polygon and even Avalanche. Earlier in the year Space and Time also raised money in a seed funding round led by Framework Ventures and included participants like Digital Currency Group and Samsung among others! Having raised money from some of the big tech names in the world like Microsoft and Samsung is a huge win for any startup but even more so for one in the web3 space. Creating contacts and being able to wiggle into the big tech space sets up startups like Space and Time to benefit from these investors' vast resources!
The most important thing is though what is Space and Time? It is a novel protocol that allows a decentralized data warehouse simultaneously return query results as well as return a SNARK proof showing the data is untampered. For easier-to-understand terms, it allows for the results to be double-checked by a smart contract or oracle network. Currently, it is set to serve on popular EVM chains but they have others on the roadmap as well including Solana.
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