KYVE raise $2.8M to advance Web 3.0 data storage

The projects co-founders Riewe and Letey are youthful entrepreneurs, aged 21 and 16, respectively.

Data archiving protocol KYVE has announced a Series B funding raise of $2.875M instigated by institutional capital firms Permanent Ventures and Hypersphere Ventures in which a vast collection of crypto projects and individual angel investors including, but not limited to, Coinbase Ventures, Volt Capital, Justin Kan and Robin Chan, participated.

KYVE has expressed the 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, currently operating in testnet phase, utilizes blockchain indefinite storage service Arweave to provide a vast number of Web 3.0 use cases, including cross-chain interoperability via bridges, data storage and oracles.

This news follows the project's debut funding round six months earlier in which a plethora of reputable industry names participated via their foundations: Solana, Avalanche and NEAR, among others.

In early October, KYVE collaborated with Polkadot-based Moonbeam Network to enable the latter's developers to benefit from KYVE's data services. The partnership also opened up the possibility of greater scalability measures and high liquidity capacity via Ethereum Virtual Machine contracts.

Related: Arweave secures $5 million in funding round led by Andreessen Horowitz

Fabian Riewe, co-founder of KYVE, spoke highly of the progress the firm has made, as well as their future ambitions:

“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. Our mission is more ambitious than ever: We want to become the default tool for data collection and computation for all Web3 projects.”