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bloXroute secures $70 million in funding to build blockchain distribution network
bloXroute is a blockchain distribution network (BDN) provider for DeFi traders on Ethereum, Polygon, and BSC, which has closed a $70 million Series B funding round headed by SoftBank Vision Fund 2 and other big names like Blindspot, Dragonfly, Flow Traders, Flybridge, GSR, Jane Street, Lightspeed, ParaFi Capital, and Rockaway Blockchain Fund also participated in the round.
bloXroute is a worldwide content distribution channel aimed at increasing blockchain scalability. By offering mempool services and transaction/block propagation facilities, the services help decentralised finance (DeFi) traders earn more trades.
BloXroute's unique network architecture speeds up to block propagation by up to 2 seconds, transaction propagation by up to 1 second, and transaction detection by up to 50-400 milliseconds.
Uri Klarman, CEO of bloXroute, said:
“We are thrilled to announce today's significant milestone as we welcome Softbank Vision Fund 2 and other new investors and thank them for this vote of confidence. This investment enables us to expand our team, extend our reach, and continue making the propagation of data more efficient and reliable.”
The company, based in Chicago, supplies crucial technology for DeFi, which has expanded to a collective trading volume of over $1 trillion by 2021. DeFi transaction volume on bloXroute surpasses $1.5 billion per day, owing to an increased appetite for peer-to-peer trading.
bloXroute has developed a massive Blockchain Distribution Network (BDN) that allows users to bypass congestion in the network and obtain crucial information, including buy and sell orders, pricing, holdings, liquidations, and oracle updates, practically instantly.
Aaron Wong, an investor at SoftBank Investment Advisers, said:
“We believe that bloXroute holds the key to unlocking faster transaction speeds and reduced latency on multiple blockchain networks, bloXroute’s global distribution network enables unparalleled transaction settlements for trading and we foresee exciting use cases to emerge in industries such as NFTs, blockchain-based metaverses and gaming. We are thrilled to partner with Uri and the team to help build a blockchain superhighway with uncongested performance.”
The distribution industry cannot afford to embrace blockchain with a futuristic mindset. Whether it was the 2016 Egyptian phony cotton scam or the 2017 horse meat incident, the distribution business has been beset by problems that have eroded customer trust. The retail and wholesale distribution industries can benefit from distributed ledger technology by improved productivity, authenticity, transparency, and simplicity of doing business.
Without the requirement for a single point of control, the industry may keep an accurate account of all data a product receives throughout its entire lifespan using a highly secured id. By nature, no single entity may unilaterally edit the information without the approval of other network members.
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