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The Graph, the 'Google of Blockchains,' Raises $50M in Round Led by Tiger Global
The protocol indexes data across 26 blockchains.
The Graph, a startup that likens itself to Google, but for indexing information that lives on blockchains, has raised $50 million in a funding round that was led by Tiger Global Management.
Blockwall Digital, Fenbushi Capital, FinTech Collective and Reciprocal Ventures also participated in the round, which was announced Thursday.
STORY CONTINUES BELOW
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A large amount of connective tissue is needed to make the blockchain-based next generation of the internet, known as Web 3, function properly. The Graph is a protocol for indexing and querying blockchain data using open-source APIs, called subgraphs, that let developers easily access that data. An API, or application programming interface, is a way for two computer programs to interact.
The Graph supports indexing data from 26 different blockchain networks, including Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam and IPFS. So far, its subgraphs are used by Uniswap, Synthetix, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius and Decentraland, according to a press release.
“We expect to see an exponential increase in the data being stored on blockchains, especially given the pace at which the trillion dollar market has been growing over the past year," John Curtius, a partner at Tiger Global, said in the statement. "The Graph is one of the most important pillars of the decentralized web.”
The Graph’s GRT token was trading at around $0.48 at the time of publication.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
