Web 3 Platform nxyz Raises $40 Million, Eyes Expansion

Summary:
• nxyz, the Web3 infrastructure platform led by Sridhar Ramaswamy has raised $40 million from VCs and angels. What’s the end game?

The web3 platform nxyz, which facilitates ultra-fast data infrastructure for blockchains, has closed a $40 million Series A round, with Paradigm at the helm. Also, notable web3 angels including Balaji Srinivasan, Jaynti (JD) Kanani, Jing Wang, Packy McCormick, Surojit Chatterjee, Ryan Selkis, and others joined Coinbase Ventures, Greylock Partners, Sequoia Capital, and others in this funding round.

How the funding could impact nxyz

With this new round of funding, nxyz will hire additional engineers and form new partnerships around the world in order to integrate with even more blockchains over the next few months. Also, n xyz will use the funds to hire more staff, create comprehensive support for new use cases, and broaden its reach into complementary blockchains.

nxyz’s blockchain API is among the fastest in the industry, providing real-time data from the blockchain in under 200 milliseconds. It was developed by the same distributed systems experts who worked on Google and Neeva. Since its launch at the beginning of the year, the company has processed over 5 billion transactions involving Ethereum, Polygon, Binance, Avalanche, Arbitrum, and Optimism.

Developers are able to quickly connect into a real-time data API and swiftly construct a wide variety of apps thanks to the platform’s rapid access to data and infrastructure. Through its fast, adaptable, and dependable blockchain indexing and data infrastructure, nxyz also hopes to encourage a new generation of developers, creatives, and entrepreneurs to improve the internet.

How it works

With nxyz, developers have access to a powerful API suite that they can readily leverage to use data from blockchains and the applications that interact with them in real-time. Applications like wallets and NFT projects benefit greatly from its scalability to accommodate large throughput. For web3, it has one of the greatest data indexing teams out there. Sridhar Ramaswamy, co-founder of the user-first, private search engine Neeva, will take on the role of chief executive officer.