NEAR Protocol raises $350M to expand its developer-friendly blockchain platform

Blockchain infrastructure startup Cosmic Wire raises $30M led by Solana and Polygon

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Miami-based Cosmic Wire, a startup that offers a wide range of blockchain-based infrastructure products, today announced that it has raised $30 million in seed funding led by Polygon and the Solana Foundation, the nonprofit foundation that leads the development of the Solana protocol.

Cosmic Wire produces a variety of infrastructure products for Web3 technology, otherwise known as the decentralized web, which uses blockchain technology to and token-based economies to create scalable, decentralized applications, or dapps, that provide peer-to-peer communications and transactions.

The company produces what it calls “cross-chain” technology that allows interoperability among different blockchains and blockchain-agnostic tools. Cosmic Wire’s other products include world-building 3D architecture tools and artificial intelligence avatars for metaverse projects. On the blockchain side, the startup also offers analytics, digital identity management and smart contract development tools with a software development kit.

Johnny Lee, general manager of games, entertainment, and media at Solana Foundation, said he was looking forward to supporting Cosmic Wire on the network. “Their metaverse SDK solutions significantly reduce development times of high-fidelity, 3D, browser-based metaverse experiences with e-commerce of both physical web3 digital products, [content delivery networks], payment solutions and avatar [user generated content] all integrated,” Lee said.

The metaverse refers to emerging 3D technologies that use virtual reality to produce immersive virtual worlds where people can meet, socialize, play games, buy products and more. Cosmic Wire’s 3D tools include volumetric mesh technology and compression algorithms to provide high-fidelity livestreaming capability for metaverse content within web browsers.

This technology, combined with the company’s scalable, interoperable blockchain technology the company said will allow developers to create their own immersive storytelling and monetization opportunities for entertainment and community engagement.

In addition to the new seed funding, Cosmic Wire also announced that it was selected as a participant in Google Cloud’s Web3 startup program prior to its official launch. Through this program, startups receive access to resources, including a substantial number of Google Cloud credits over a two-year period and entry into Google’s Web3 ecosystem.

Cosmic Wire said it will use the new funding to build on its decentralized applications and with the support of its partners and investors expand its global presence.

Image: geralt/Pixabay

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