Blockchain consensus algorithm and peer-to-peer (P2P) networking protocol Tendermint has raised $9 million in an exceedingly Series A investment round, as per a blog post published on March 14.

Tendermint has raised $9 million within the Series An investment round led by cryptocurrency investment firm Paradigm, with contribution from Bain Capital and 1confirmation among alternative investors.

Part of the funds can supposedly be allotted to support of more development of the Cosmos Network and its ecosystem. The corporate conjointly plans to pay the funds on the building workers and making a property business model.

The round closing follows the Cosmos Hub mainnet launch — thus referred to as “The web of Blockchains,” developed by Tendermint — on March thirteen. The developers believe that Cosmos could contribute to determination blockchain’s scalability and interoperability issues.

Salil Deshpande of Bain Capital reportedly stated that “we envision a future wherever multiple blockchains serve specific use-cases — store important , privacy, general purpose smart contract platforms, and many others. during this future, ability solutions offer a vital alchemy that would result in an explosion of blockchain applications, still as boosting usage on existing chains.”

Cosmos Hub can further pass 2 more phases, as the recent launch was reportedly the primary in an exceedingly series of proof-of-stake chains developed by Tendermint.

Tendermint reportedly supports leading cryptocurrency exchange Binance’s decentralized digital currency exchange. Binance chief executive officer Changpeng Zhao reportedly stated that Binance Chain relies on the Tendermint protocol and runs on a Delegated-Proof-of-Stake (DPoS) consensus algorithm.

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