Subspace Raises $32.9M in a New Round led by Pantera Capital
Subspace Labs, developer of Subspace Network, today announced the completion of a US$32.9 million strategic financing round led by Pantera Capital with participation from Stratos, Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys Mesh, KR1, Hypersphere Ventures, Alumni Ventures Blockchain Fund, GSR Ventures, Eniac Ventures, Bixin Ventures, Definancex, Candaq, Vendetta Capital, Illusionist Group, NGC Ventures, Cabin VC, Gate Ventures, OneBlock Capital, and Automota Network.
Subspace is a new eco-friendly, scalable layer-one blockchain that is able to serve as an infrastructure layer for the entire Web3 ecosystem. From NFT based gaming and metaverses to cross-chain applications, Subspace brings smart storage at Internet scale.
“With the support of our investors, Subspace is re-envisioning the types of apps that can be stored on and secured by a blockchain. We are excited to empower builders with the tools and services they need to unlock the next wave of innovation in Web3.”
— Jeremiah Wagstaff, co-founder and CEO at Subspace Labs
The Subspace Network provides a decentralized and trust-minimized alternative to traditional cloud providers, such as Amazon Web Services (AWS). It is built around a new eco-friendly, massively scalable layer one blockchain that is carefully designed to serve as a decentralized infrastructure layer for the entire Web3 ecosystem. Subspace will allow existing blockchains, layer two protocols, and dapps to scale without compromise.
“Pantera is thrilled to join Subspace as an investor to support its mission to build the foundational infrastructure for Web3. The R&D behind the Subspace Network’s scalability architecture will resolve critical issues holding back the growth of the blockchain industry as a whole.”
— Joey Krug, Co-Chief Investment Officer at Pantera Capital