OKX Ventures backs blockchain firm Celestia Labs

OKX Ventures, the investment division of crypto exchange and Web3 technology firm OKX, has joined in the Series B funding round for Celestia Labs, known for its innovative modular blockchain network.

• What is Celestia Labs? Celestia is a player in modular blockchain architecture. It provides a base layer for consensus and data functions, allowing developers to select a virtual machine like Ethereum, Solana, or any other compatible smart contract execution layers to build their own blockchain. This differs from traditional 'monolithic' Layer-1 chains that handle consensus, data, and execution collectively.

• What makes Celestia unique? Celestia is projected to be the first blockchain network to implement Data Availability Sampling (DAS) when it launches later this year. DAS allows nodes to verify selected data within a block, a faster and lighter method that avoids the scalability challenges associated with Layer-1s.

• Benefits for developers: Developers can leverage Celestia's base layer to deploy modular blockchains, reaping benefits such as increased scalability, shared security for app interoperability, and the choice of execution environments including Ethereum and Solana.

• About OKX Ventures: OKX Ventures, equipped with an initial capital commitment of $100M, is the investment arm of OKX. Its mission is to identify and support the best global blockchain projects, promote innovative blockchain technology, and contribute to the global blockchain industry's healthy growth.

OKX's offerings include the Web3-compatible OKX Wallet, providing users with greater control over their assets while enabling access to DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps.

Some of OKX's reputable partners include Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.