Decentralized storage platform CESS raises $8 million with participation from HTX and DWF Labs

The funds will be used for new developments and business expansion

29.12.2023 - 12:45

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3 min

What’s new? Decentralized blockchain storage platform Cumulus Encrypted Storage System (CESS) has raised $8 million from 13 companies, including the venture arms of crypto exchange HTX and market maker DWF Labs. The funds will be used for new product development and global business expansion.

Cointelegraph’s material

What else is known? CESS is a blockchain network and decentralized storage system focused on large-scale commercial applications. It consists of four layers: blockchain, data storage, content distribution, and an application layer for applications. CESS allows files to be stored on multiple nodes and identified by hash and uses various cryptographic protocols to ensure data immutability.

Infinity Ventures Crypto, Mentha Partners, Vespertine Capital, Web3 Foundation, Singchain Investment, 7 O'Clock Capital, SolrDAO, FishDAO, OneBlock+, Winkrypto, and Polkadot Ecology Research Institute also participated in the funding round.

The CESS team claims that its solutions can be used in streaming services, social networks, gaming, metaverses, and decentralized finance (DeFi) protocols, as well as applications focused on non-fungible tokens (NFTs) and tokenized real-world assets (RWAs).

Ethereum-backed Cyber Fund will allocate $100 million to projects at the intersection of blockchain, AI, and IoT

Since launching in 2014, the company has invested in 150 blockchain projects including Dfinity, Cosmos, Solana, LazyLedger (Celestia), EigenLayer, and Lido DAO

Earlier, analysts at The Block reported that venture capital funding fell by 68% year-over-year. The most popular areas were NFT games and infrastructure.

According to CryptoRank analysts, the venture capital arm of US crypto exchange Coinbase conducted the most trades in the past year. The company supported 48 projects, including Arkham Intelligence, a platform for analyzing and trading on-chain data, and Rocket Pool, a staking protocol.

DWF Labs is in second place in the ranking with 46 trades, including investments in the “dog” meme token FLOKI and the TON blockchain, recognized as the fastest among all networks and payment systems.

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