Blockchain Infrastructure Provider InfStones Closes $33M Series B

The company plans to triple its headcount in the next year and double its supported protocols

article-image

InfStones CEO Zhenwu Shi | Source: InfStones

share

key takeaways

  • InfStones supports nodes on over 50 chains including Ethereum, Polygon, Solana, Polkadot, Cardano and Chainlink
  • The platform’s customers include Binance, Dune Analytics, Polygon, Circle and Compound

Blockchain infrastructure provider InfStones closed a $33 million Series B round to further develop its platform, Zhenwu Shi, founder and CEO of the firm, said to Blockworks.

The round included investors from Susquehanna International Group (SIG), Dragonfly Capital, Qiming Venture Partners, DHVC, A&T and Value Internet Fund. 

The company previously raised $12 million in its seed round and Series A, bringing its total funding to $45 million. Shi declined to disclose a valuation.

With the new funding, the company plans to triple its team from 30 to 90 employees over the next year and expand support to over 100 chains and protocols.

InfStones was founded in 2018 and is a staking and infrastructure platform that provides services for institutional clients and supports nodes on over 50 chains, including Ethereum, Polygon, Solana, Polkadot, Cardano and Chainlink.

“Demand for our infrastructure platform service has been very strong,” Shi said. “InfStones has been profitable from day one.”

The platform’s customers include Binance, Dune Analytics, Polygon, Circle and Compound, among others, he noted.

“As Web3 technology and applications grow, data structure and architecture will become more and more decentralized,” Shi said.

“Web3 applications are not intuitively easy to use or develop, so the Web3 ecosystem requires an AWS-like layer solution to increase the speed and growth of Web3 adoption.”

In addition to the capital raise, the provider is launching a new front-end user interface that lets users deploy nodes within minutes, it said. The public application programming interface (API) is available for Ethereum, Neo, BNB Chain — formerly known as Binance Smart Chain, or BSC — and BSC Archival Data. It plans to add support for Cosmos and other chains in the future.

The API will continue to add features that give developers full automation, fast deployment and multi-cloud support, Shi said. 

Going forward, the provider will focus on further developing the blockchain platform to become the “preferred AWS of Web3,” Shi said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Blinks Report Image.png

Research

Blinks enable the ability to vampire attack user monetization of existing networks by inserting onchain and financialized functionalities directly within the popular social feeds and digital experiences of today.

article-image

Plus, how the FTX collapse played out in Asian countries

article-image

Kalshi founder Tarek Mansour said Thursday marked the “the first trade on regulated election markets in nearly a century”

article-image

I was excited about being on the precipice of realigning societal incentives and solving many issues plaguing our modern financial world

article-image

Cypherpunk Holdings has rebranded to Sol Strategies in a pivot to a Solana-first investment approach

article-image

BitGo’s wrapped bitcoin (wBTC) has a new custodial challenger

article-image

Make no mistake: Tether makes a ton of money. But exactly how much depends a lot on the price of bitcoin.