Bware Labs also allows users to construct blockchain endpoints and utilize them as APIs for free. Bware Labs plans to use the funding to expand its activities.
Bware Labs concluded a $6 million Series A follow-up investment round on Wednesday, February 23. The business, which specializes in building decentralized infrastructure, has raised a total of $7 million.
Funding for Bware Labs
Hypersphere Ventures Blizzard, AVentures DAO, Coingecko Ventures, Nexo, Kosmo Ventures, Connext, and other well-known venture capital companies participated in the newest funding round. Spartan Group, GBV, Morningstar Ventures, and Ascentive Assets were among those present, as were earlier round investors Spartan Group, GBV, Morningstar Ventures, and Ascentive Assets.
Bware Labs, as previously stated, is a multichain subscription-based API infrastructure provider. It enables developers and businesses to build on blockchain by sending requests to the integrated network. Bware Labs assists in connecting blockchain data customers to nodes provided by third-party vendors. It is similarly similar to Infura, an Ethereum-based service provider. In response to this development, Flavian Manea, CEO of Bware Labs, stated:
“We are ecstatic to have completed this financing round for two key reasons: One is the strength we added to our team by bringing in experienced investors from both crypto and traditional finance, large tech initiatives, and fellow infrastructure companies. The other reason is related to our company’s growth and extension of our technology offering, which may now happen at a faster pace thanks to the finance we were able to get and the support of our investors. Of course, the confidence shown by new and repeat investors in our seed round, which was completed less than 10 months ago, is a source of great pride for our team. We may now scale our ambitions for the coming years.”
Understanding Bware Labs’ Operation
Bware Labs’ goal is to develop a platform that can overcome the barriers to gaining dependable blockchain access. The network also compensates decentralized ode providers with a portion of its revenue. Another kind of incentivization involves staking BWR tokens and receiving rewards in return.
Bware Labs also accepts delegates from other BWR token owners, achieving the bare minimum required by staking pools. This ensures that all BWR tokens benefit from the platform’s use.
Third-party nodes must also meet the platform’s stringent reliability, performance, and data integrity criteria. This will be monitored using an integrity protocol established by Bware Labs.
Bware Labs also provides consumers with the ability to establish blockchain endpoints for free. Users can utilize these endpoints for all of their API needs in the future. Binance Smart Chain, Avalanche, Moonbeam, Fantom, Polkadot, and Polygon are among the blockchains supported. Bware Labs is also contemplating adding Layer 2 platform support, such as Optimism and Arbitrum.