Ex-Coinbase employees raise $5.3M to build decentralized web tools
The company, founded by two former Coinbase employees, secured $5.3 million to accelerate the development of infrastructure and tools for the decentralized web.
Company founders Ola Muse and Karthik Kalyanaraman left Coinbase in August. It only took them two months to raise and close the seed round, which was led by Redpoint Ventures with participation from Mysten Labs and Howard University. This is a great example of how quickly a company can raise money and close a seed round with the right team in place. Ola and Karthik have demonstrated their ability to execute and raise capital, and we believe they will be successful in their new venture.
Scale3 is a blockchain infrastructure startup that is focused on supporting node operators. Node operation is a complex process that requires highly technical support and rapid response when problems arise. The company's goal is to make it easier for people to operate nodes and to provide the necessary support to keep the network running smoothly.
As the Web 3 infrastructure expands, it will become increasingly important to have a company that specializes in node monitoring and support. That's where Scale3 Labs comes in. According to their recent announcement, they are a new open DevOps telemetry platform specifically for Web3 infrastructure. With 5.3 million in funding from ex-Coinbase executives, they are well on their way to becoming a major player in this space.
1/ Hello world! We’re a web3 infrastructure company building developer tools. We’re excited to announce (a) our first product – Autopilot, a platform to monitor and maintain your blockchain nodes and networks, and (b) our $5.3M+ fundraise!https://t.co/ApX9kP452H
— Scale3 (@Scale3Labs) October 6, 2022
Get insights into your data with Node Analytics Dashboard!
As the blockchain industry continues to grow and evolve, the need for tools to simplify and automate the process of setting up and managing blockchain nodes becomes more evident. Scale3's Autopilot product aims to fill this need, providing node operators with a dashboard that gives them insights into node and network telemetry, community intelligence, and ecosystem-specific information. With open source tooling, Autopilot promises to make it easy for node operators to keep their nodes up and running, while also giving them the ability to monitor and upgrade their nodes as needed.
Karthik Kalyanaraman, CTO of Scale3, acknowledged the problems of operating node infrastructure at scale, commenting, “We are bringing our experience and knowledge to solve this problem and are leveraging best practices and best-in-class open source tools to reduce the total cost of operations for the industry.”
The Scale3 team is confident that their experience with infrastructure will help them develop the standards and tools needed for blockchain networks and node operations. According to Ola Muse, currently it takes operators about eight hours to update their nodes, but Scale3 could reduce that time to less than 20 minutes. This would be a huge time-saver for blockchain operators and help the technology become more widely adopted.
As blockchain technology continues to evolve, Scale3 is committed to supporting the latest and greatest networks. We are excited to announce that the first blockchain network to be supported by Scale3 is MystenLabs’ Sui ecosystem. We believe that this platform has great potential and we are looking forward to seeing it grow.
Bear Market Builders: How to Survive and Thrive During a Market Crash
In spite of the bear market, Web 3 venture funding continues to increase, which is a positive sign for the future of crypto assets. This shows that investors are still confident in the potential of the technology and are willing to put money into it even during tough times. This is a good sign for the long-term prospects of the industry, and I believe that the bear market will eventually end and we will see new all-time highs for crypto prices.
It's unclear where the crypto markets will head next, but one thing is certain - the consolidation that has been occurring for the past three months is unlikely to end anytime soon.
The post Former Coinbase Execs Raise $5.3M for Web 3 Node Support Platform appeared first on CryptoPotato. This is great news for the crypto community! With the support of former Coinbase executives, the new Web 3 node support platform will help to ensure the success of this new technology.