- Tendermint raised $9 million in Series A funding round led by venture capital firm Paradigm.
- Tendermint CEO Jae Kwon believes that Cosmos, the crypto project powered by Tendermint, will solve the problems the of scalability problems and a lack of usability.
Tendermint, the blockchain interoperability project, has raised $9 million in a Series A funding round led by technology-focused venture capital firm Paradigm. The other participants in the round included Bain Capital and 1confirmation, among others. The investment will go towards helping Cosmos expand its team and make their business model sustainable.
Jae Kwon, CEO of Tendermint and Contributor of Cosmos, believes that Cosmos aims to solve the problems of scalability and lack of usability, leading to the creation of an Internet of Blockchains. Kwon stated:
“The launch of the Cosmos Network is the first major milestone in the development of this network and represents the culmination of 40 years of computer science research, with a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism being deployed live for the first time,” said Kwon. “Now we’re encouraging developers to develop applications that take full advantage of the promises of this powerful ecosystem.”