Tendermint Inc Announces Series A Round
Tendermint Inc Secures $9 Million Series A Financing Round Led by Paradigm
We’re proud to announce our Series A investment round. We closed a $9M round, led by $400M crypto investment firm, Paradigm, along with participation from Bain Capital, 1confirmation, and other notable investors.
The Series A financing builds on a year of market adoption that has been quickly gaining steam, building up in eager anticipation of the Cosmos Hub mainnet launch. The Series A funding is well-timed, closing at the same time as mainnet launch. Now that the Cosmos Hub is live, myriad projects that have been prototyping their own public blockchains using the Tendermint Core technology are themselves steadily progressing toward launching their own live networks and preparing to open up connections to the Cosmos Hub.
“Blockchain technology is an incredible innovation that has unfortunately been hamstrung by a series of limitations, including scalability problems, a lack of usability and myriad governance and environmental issues. The vision of Cosmos is to overcome these limitations and break down barriers to innovation, ultimately creating an Internet of Blockchains: a decentralized network of independent, scalable, and interoperable blockchains.
The launch of the Cosmos Network is the first major milestone in the development of this network and represents the culmination of 40 years of computer science research, with a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism being deployed live for the first time. Now we’re encouraging developers to develop applications that take full advantage of the promises of this powerful ecosystem.” — Jae Kwon, CEO of Tendermint Inc & Contributor of Cosmos
Tendermint Inc’s foremost mission is to build the foundation for a new token economy which serves as the backbone to high value public blockchains. Part of the funds will be used by Tendermint Inc to support the continued development of the Cosmos Network and its ecosystem. But the funds will also help us scale the Tendermint team and work towards a sustainable business model.
Notable Projects using the Cosmos SDK and Tendermint Core
The investment round builds on an exceptional year of product adoption. Some of the more notable projects that have chosen to leverage the Cosmos SDK and Tendermint Core are:
- The National Thai ID project, aiming to provide on-chain identity to 80M citizens of Thailand.
- The Binance DEX forked the Cosmos SDK and Tendermint Core in order to build a decentralized exchange and utilize their token, BNB.
- Terra, a stablecoin project headquartered in South Korea, aims to launch its payment network with direct integration into a multibillion dollar Korean e-commerce company called TicketMonster from day one.
Here’s a list of Cosmos SDK/Tendermint Core-based projects: cosmos.network/ecosystem
What our investors say about us
“We are excited to support Cosmos’s vision for an ecosystem of interoperable blockchains. The team, led by Jae Kwon, has shown years of dedication and a keen understanding for trade-offs in decentralized system design. We are particularly excited with the team’s progress in building the first production-ready Proof of Stake BFT system, and we look forward to seeing what new decentralized applications that enables.” — Matt Huang & Charlie Noyes, Paradigm
“We envision a future where multiple blockchains serve specific use-cases — store of value, privacy, general purpose smart contract platforms, and many others. In this future, interoperability solutions provide a crucial alchemy that could lead to an explosion of blockchain applications, as well as boosting usage on existing chains. With a strong technical team, flexible architecture and being first-to-market, Cosmos stands to become the de facto interoperability system for blockchains.” — Salil Deshpande, Bain Capital
From Nick Tomaino, founder of 1confirmation, he reasons about 1confirmation’s sentiment about the future of Cosmos and Tendermint Inc in an investment thesis.
Tendermint Inc builds and maintains critical state-of-the-art infrastructure for decentralized applications, such as Tendermint Core & Cosmos SDK. We are also the primary builder of the Cosmos Network, a decentralized network of independent, scalable, and interoperable blockchains.
We’re currently looking for a VP of Engineering, Head of Developer Relations, Senior Technical Recruiter, and developer relations engineer/evangelists. Visit our careers page for opportunities. We’d love to hear from you. We are a distributed team across the globe. Our headquarters is in the San Francisco Bay Area, and we have hubs in Berlin, Toronto, and New York City. Join our growing team and plug into the most powerful blockchain ecosystem.