Chainbase Series A Funding Secures $15M Led By Tencent Investment

Key Points:

• Chainbase secured $15M in Series A funding, led by Tencent and Matrix Partners China.
• Funding will enhance Chainbase’s blockchain data network, aiding over 15,000 developers.
• Mainnet and governance token CBT launch planned for Q4 this year.

According to The Block, Chainbase Series A funding secured $15M, led by Tencent and Matrix Partners China, to boost their blockchain data network supporting 15K developers and 8K projects.

Data network Chainbase has secured $15m in Series A funding. Tencent Investment Group and Matrix Partners China led the investment, which was joined by Folius Ventures, Hash Global, JSquare, Mask Network, and Bodl Ventures.

Chainbase Series A Funding Boosts Development

Chainbase co-founder and COO Chris Feng later disclosed that the deal had gone through in the last quarter of last year in the form of equity and token warrants issuance. The funding round was done with a total capital of $18 million, with an initial $3 million already secured by a seed and angel round for Chainbase.

As part of the deal, Tencent Investment Group and Matrix Partners China have each secured a board seat at Chainbase. The funding will accelerate Chainbase’s efforts in developing its omnichain data network, which aggregates blockchain data into a single platform for developers to build and maintain applications more efficiently.

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Mainnet and CBT Token Launch Plans

Chainbase supports over 15,000 developers, 8,000 projects, and over 500 billion data calls. The network is available for projects only on a whitelist basis, while the decentralized version is still in the testnet phase.

According to Feng, Chainbase will launch its mainnet and governance token, CBT, in the fourth quarter of this year. The contributors, such as data providers and node operators, will be rewarded with the token.

The company plans to maximize investments in building local communities across major crypto hubs worldwide to ensure better interaction and enhanced involvement with the Chainbase network.