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SubQuery raises $ 9 million for a data protocol at Polkadot

The decentralized data aggregator SubQuery has completed a $ 9 million funding round to build Polkadot’s first data aggregation layer, a move that could strengthen data indexing for the emerging interoperability network.

The new capital will be used to continue building SubQuery’s data indexing infrastructure for all Polkadot and Kusama applications, the company announced Wednesday. The investment will also help SubQuery expand its technical capabilities and support the openness of its software, the company announced Wednesday.

The investment round was co-led by Arrington Capital, DCG and Stratos Technologies, with the additional participation of Hypersphere Ventures, Neo Global Capital, Wintermute and Skynet Trading. SubQuery was able to raise $ 1.8 million in a private seed funding round that concluded in March of this year. Initial investors included DeFi Alliance, The LAO and P2P Capital, among others.

SubQuery’s primary goal is to expand access to blockchain data in Polkadot and Kusama by creating new data provisioning and indexing markets. Arrington Capital, which invested in the Moonbeam parachain, He said that SubQuery has the potential to become a critical infrastructure for all Polkadot parachains and applications. Within the Polkadot network, the parachains connect to a main blockchain network, offering a concept similar to the hub-and-spoke model seen at airports.

The Polkadot ecosystem has received considerable attention lately as Kusama launched its sixth batch of parachains auctions on September 1. In the parachain process, users vote for projects by locking DOT tokens for a specified period of time as a means to boost their favorite initiatives.

Polkadot is a top ten cryptocurrency project, with a total market capitalization of approximately $ 29 billion. The DOT token soared earlier this week to hit a high of the past four months, before the sudden crash of Bitcoin (BTC) brought the entire cryptocurrency market to a standstill.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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