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Fortune

Leo Schwartz

Connext Labs raises $7.5 million at $250 million valuation to build the 'HTTP of Web3'

Polygon Solana Bitcoin Ethereum Binance Fortune

The logos of Ripple, Ethereum, Bitcoin, Binance USD and Solana coins on display during the Dubai Crypto Expo at the Festival Arena in Dubai, United Arab Emirates (Credit: Christopher Pike—Getty Images)

A central challenge facing crypto is the ever-expanding list of blockchains, with new projects from Sui to Sei popping up even as other layer-1s overstay their welcome.

While different developers have sought to create solutions to create compatibility across different blockchains, San Francisco-based Connext Labs argues it has a long-term answer. Investors seem to agree, with Connext announcing a $7.5 million strategic round on Wednesday at a $250 million valuation, with backers including Polychain Capital, NGC Ventures, Polygon Ventures. Connext raised a $12 million series A in 2021.

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