Celestia (TIA) Soars After $100M Fundraise Announcement

The Layer-1 modular blockchain Celestia (TIA) is experiencing a significant surge after its foundation secured $100,000,000 to bolster the ecosystem.

The Celestia Foundation, a nonprofit organization established to support the TIA network, reports that Bain Capital Crypto spearheaded the $100 million fundraising initiative.

Additional contributors to this funding round include Syncracy Capital, 1kx, Robot Ventures, and Placeholder.

Following the announcement, TIA’s trading price jumped from a low of $5.44 to a peak of $6.86, marking an increase of over 26%.

As of now, TIA is being traded at $6.61. With a market cap of $1.4 billion, TIA ranks as the 64th-largest cryptocurrency project.

The project states that developers are aiming to “scale to 1 gigabyte blocks, bringing a tremendous enhancement in data throughput to Celestia’s rollup ecosystem.”

“In prior times, the throughput of Visa (~24,000 TPS) was viewed as an impressive benchmark. With 1 gigabyte blocks, Celestia is set to provide the capacity of multiple Visa networks operating in parallel.”

Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation, remarked,

“When Celestia debuted last year as the inaugural modular data availability layer, it upgraded blockspace from the dial-up phase to the broadband phase. Now, the core developers have unveiled the technical roadmap to elevate blockspace to the fiber optic era – all while maintaining verifiability and low latency.”

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