Recently, Conduit announced that it raised $7 million in a funding round led by Paradigm. Joshua Ma, Robert Miller, Dan Romero, Ludwig Pettersson, and Guillaume Poncin also participated in the investment round. The funding was said to be used to help the firm sustain the launch of the first product and turn a profit.
Conduit Announces $7 million Seed Round and Partnership with Optimism
One of the leaders in the crypto venture capital sector, Paradigm raised a then-record $2.5 billion for a new fund at the end of the bear market in November 2021. Conduit and Paradigm have a close relationship because Andrew Huang is the brother of Matt Huang, managing partner and co-founder of Paradigm, who withdrew from the investing process. Also, Andrew Huang stayed at the company for eight weeks as an entrepreneur in residence.
Partnership with Optimism
The platform has partnered with Optimism, a layer 2 blockchain network. With this partnership for the platform’s first product, they have found a way to aggregate transactions to reduce fees and traffic congestion while maintaining Ethereum’s underlying security.
Developers may deploy their applications to Optimism fast and simply with Conduit‘s managed service. Together, they will assist developers in switching to the chain’s next Superchain blockchain network and in building apps on it.
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