Israeli blockchain company bloXroute has raised $70 million in a Series B funding round to accelerate its blockchain distribution network (BDN) and expand its workforce, the company announced on Tuesday.
The round was led by venture capital fund SoftBank Vision Fund 2 alongside contributions from Blindspot, Dragonfly, FLow Traders, FlyBridge, GSR, Jane Street, Lightspeed, ParaFi Capital , and Rockaway Blockchain Fund.
Investment director at SoftBank Investment Advisors Robert Kaplan, will join bloXroute’s board as per the terms of the funding round.
“We believe that bloXroute holds the key to unlocking faster transaction speeds and reduced latency on multiple blockchain networks,”said Aaron Wong, investor at SoftBank Investment Advisers.
Founded in 2017, bloXroute’s BDN assists decentralized finance (DeFi) traders win more trades on Ethereum, Polygon, and BSC with fast performing block propagation, transaction propagation, and transaction discovery while avoiding network congestion.
“We are thrilled to announce today’s significant milestone as we welcome Softbank Vision Fund 2 and other new investors and thank them for this vote of confidence,” said Uri Klarman, co-founder and CEO of bloXroute. “This investment enables us to expand our team, extend our reach, and continue making the propagation of data more efficient and reliable.”
“DeFi has exploded in growth over the last couple of years, but DeFi infrastructure is still in its infancy” added Haseeb Qureshi, managing partner at Dragonfly. “We are excited to be in business with bloXroute, and believe this partnership will accelerate mainstream DeFi acceptance and bring real solutions to the DeFi space.”