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Celestia (TIA) Skyrockets After Foundation Announces $100,000,000 Fundraise

September 25, 2024

Layer-1 modular blockchain Celestia (TIA) is soaring after the project’s foundation raised $100,000,000 to support the ecosystem.

The Celestia Foundation, a nonprofit group set up to support the TIA network, says Bain Capital Crypto led the $100 million fundraising effort.

Other groups contributing to the funding included Syncracy Capital, 1kx, Robot Ventures and Placeholder.

TIA went from trading for a low of $5.44 to a high of $6.86 on the day of the announcement, a more than 26% gain.

At time of writing, TIA is trading for $6.61. With a current market cap of $1.4 billion, TIA is the 64th-largest crypto project.

According to the project, developers are working to “scale to 1 gigabyte blocks, bringing a massive increase in data throughput to Celestia’s rollup ecosystem.”

“In a previous era, the throughput of Visa (~24,000 TPS) was considered an impressive North Star. With 1 gigabyte blocks, Celestia is tracking to deliver the capacity of many Visa networks in parallel.”

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

“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era. Now, the core developers have introduced the technical roadmap to scale blockspace to the fiber optic era – while keeping it verifiable and low latency.”

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