In an effort to transform centralized systems into trustless data sources that are powered by smart contracts, Web3 and other technology companies have participated in a funding round for the data platform Space and Time.
In a statement to Finbold, Space and Time said that it has obtained $20 million in strategic financing. Avalanche (AVAX), Polygon Capital Partners (PoCP), and Microsoft’s (NASDAQ: MSFT) M12 fund were among the investors that provided funding. Over 90% of the allocated funds will be used toward expanding the reach of the Space and Time platform and acquiring new paying users.
What’s more, he said: To create the “next generation data ecosystem” for decentralized apps and organizations at scale throughout the globe, Space and Time “sits at the confluence of on-chain and off-chain data computing,” and the company is “thrilled to collaborate with world-class data partners.”
Combining on-chain and off-chain information in a trustworthy setting, Space and Time paves the way for low-latency transactions and analytics on an enterprise scale.
With the protocol’s help, Space and Time’s state-of-the-art data platform may be used for the creation, combination, and querying of immutable and changeable tables with crypto assurances.
The allocated resources will be used to speed up the process of creating innovative goods and technological solutions. More than 90% of the budget will be used to promote the Space and Time platform and increase the number of paying customers.