Data archiving protocol Kyve completes Series B funding

Data archiving protocol, KYVE, has completed its Series B funding with about $2.8 million. The funding round was led by Permanent Ventures and Hypersphere Ventures. It also featured several investors like Arweave, Avalanche Foundation, Coinbase Ventures, NEAR Foundation, Solana Foundation, Zee Prime, and more.

The funding round comes barely six months after the initial funding round. KYVE has expressed its ambition of becoming the leading project in the Web 3.0 sphere with an inherent focus on data collection and digital calculation.

The newly-established project is currently in the test net phase. It uses Arweave to store verified blockchain data indefinitely. Node operators on the network conduct these data verification. Consequently, KYVE can be used to create a decentralized network where anyone has access to data.

As co-founder of KYVE, Fabian Riewe, noted, the firm’s mission is to become the general tool for data collection and computation for Web3 projects.

Project KYVE: Current realities and Future prospects

KYVE’s use is related to cross-chain interoperability via bridges, data storage, and oracles. Also, it can store non-fungible token (NFT) metadata and translate data between Ethereum Virtual Machine (EVM) and non-EVM chains.

Earlier in the month, KYVE partnered with Moonbeam Network to increase its scalability and liquidity capacity via Ethereum Virtual Machine contracts.

Commenting on the firm’s progress, Fabian Riewe, Co-Founder of KYVE, said;
“The last six months have been an incredible journey for KYVE. We have improved the product, added new integrations, scaled our team with great talents, and grown the community tremendously.”

Currently, the KYVE team comprises eight persons. The team plans to develop a utility token. Users will be able to use this token to upload data and pay validators for confirming data validity. It’ll also provide access to the project’s decentralized governance protocol. According to Riewe, the team plans to launch its token by mid-2022.

Additionally, the team plans to run iterations to improve the protocol, incentivize the test net, and recruit more team members.