BTC
by BSCN
March 26, 2024
Nubit boasts first-mover advantage in the Bitcoin DA sector and this fresh funding should serve to accelerate the project’s growth.
“This funding marks a pivotal step in Nubit's mission to build the first Bitcoin-native data availability layer, driving forward the evolution of the Bitcoin ecosystem”, reads a release
Nubit, which boasts the first ever data availability layer purpose built for the Bitcoin ecosystem, has just closed a $3 million funding round.The round features some of the very best institutional investors in the space, including but not limited to:
“Nubit is not just a project; it's the dawn of Bitcoin's new era. Our aim is to revolutionize Bitcoin’s infrastructure, ensuring scalability and security through our Bitcoin-native data availability layer”, said Yu Feng, co-founder of Nubit and a professor in computer science at UCSB
Nubit is, first and foremost, a data availability layer for projects building within BTC’s new and exciting ecosystem. The vast proportion of blockchain projects require external (or internal) data streams in order to run effectively, and Nubit aims to service precisely these projects.
According to the project itself, Nubit’s aim is to onboard ‘a vast community of developers into the Bitcoin ecosystem, empowering them with scalable, secure, and decentralized tools’.
“Nubit’s innovative approach, spearheaded by a team of academic experts, is set to fill this gap. With a foundation rooted in scholarly research and expertise, Nubit leverages Bitcoin's inherent security and decentralization to offer a new paradigm in blockchain infrastructure”, reads a release
The project has positioned itself as the Celestia ($TIA), which boasts a market cap of $2.5 billion at time of writing, of the burgeoning Bitcoin functionality ecosystem.
Nubit has already launched its own ‘Modular Indexer’, in collaboration with ‘Domo’ (the creator of BRC-20). It has also announced a precedent-setting partnership with leading Bitcoin layer-2, Merlin, which will leverage Nubit’s DA layer to build out its own ecosystem.
According to the release, Nubit is moving forward with its Pre-Alpha Testnet and plans to launch its official mainnet “later this year”.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
Latest News
-3h : -8m ago
Sidra Chain Deepdive: Reshaping Shariah-Compliant Finance
0h : 37m ago
Cronos Just Reversed a $5.6B Token Burn—Here’s What Happened
2h : 52m ago
Offchain Labs & Foundation's New Initiative: What is Onchain Labs?
5h : 7m ago
Ethena Labs and Securitize to Launch New Blockchain: What is Converge?
March 17, 2025
Pi Network's PI Token: Analysis and Review
March 17, 2025
Hedera and the HBAR Token: Full Analysis & Review
March 17, 2025
Do AI Agents Need a Token? CZ Weighs In
March 17, 2025
New Pi Network Features for Pi Day 2025