Connext Labs raises $7.5M at $250M valuation.

Connext Labs, a blockchain protocol that aims to facilitate the creation of applications that can access multiple networks, has secured $7.5 million in funding from investors including Polychain Capital and Polygon Ventures.

The latest round of funding brings Connext’s total funding to $23.2 million and values the startup at $250 million. Connext intends to create a communication layer across different blockchain networks, similar to the HTTP of Web3, allowing applications to interact with funds and data on multiple networks simultaneously.

Interoperability enables developers to build applications without the risk of their being bogged down by congestion or high fees on one particular blockchain, a concern that is often raised with Ethereum, the world’s most dominant network for decentralized finance (DeFi).

The new capital will be used to establish the Connext Foundation, which will be responsible for awarding development grants and funding to Connext-built projects. Connext’s investors include Coinbase Ventures, Ethereal Ventures, 1kx, #Hashed, and Scalar Capital.

Read More: Polychain Leads $15M Funding Round for Crypto Startup Polyhedra Network

Edited by Sheldon Reback.

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