Multicoin Capital led a $10 million Series A Capital for Permissionless Labs, with participation from Solana Ventures and Solana co-founder Anatoly Yakovenko.
Accordingly, Permissionless Labs is a major contributor to Pipe Network, a Permissionless content delivery network (CDN) on Solana.
Robot Ventures, Solana Ventures and Solana co-founder Anatoly Yakovenko also participated in this Capital round .
According to the announcement , the new funds will be used to hire marketing and engineering positions, expand blockchain points of presence (POPs), and launch a private beta and testnet at Breakpoint, Solana’s annual developer conference. Currently, the project is in its internal development (Devnet) phase.
Permissionless Labs, which develops solutions for streaming applications, aims to create a decentralized digital content distribution system that can compete with current centralized models.
“Pipe Network is designed to handle traffic for large enterprises like Netflix,” Permissionless Labs founder and CEO David Rhodus said in the announcement. “The CDN industry is ripe for innovation, especially with edge video ad insertion technology.”
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