Connext, a protocol focused on blockchain interoperability, has just raised $7.5 million in a strategic funding round that has resulted in the company's valuation reaching $250 million.
Investors reportedly include Polychain Capital, Coinbase Ventures, NGC Ventures, Ethereal Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, 1k(x), #Hashed, Factor, Scalar Capital and Dokia Capital.
The project intends to use the funds raised to create the Connext Foundation to fund projects aimed at scaling the project, community initiatives and other long-term growth strategies.
Connext plans to process more than 1.2 million transactions. The project has raised a total of $23.5 million.
In March 2021, Connext raised $2.2 million in seed investment from Huobi and Polychain Capital. In July, 82 investors backed the project in a $12 million funding round.