In a recent Series A funding round, the decentralized API infrastructure platform, Bware Labs, has raised $6 million USD. This brings their total amount to $7 million, pooled from a range of venture capital firms, large online networks, and gaming businesses.
Huge names in the industry contributed to this funding success, with businesses like Blizzard, Infinity Ventures, Nabais Capital, Subsquid, 3 Chaps, Coingecko ventures, Nexo, Connext, and more. These companies are set to join other well-known investors from the first round of funding, like Morningstar Ventures, Spartan Group, Ascentive Assets, and GBV.
CEO of Beware Labs, Flavian Manea, sees these investments as a unique opportunity for the ‘Expansion of our tech offering, which the finances raised will enable much sooner than we would have been able to otherwise”. Additionally, he sees this vote of confidence from the wide pool of investors as something that brings “much pride to our team,” letting them scale their plans for years to come.
While many people have flocked to blockchain, one ongoing criticism of the cryptocurrency ecosystem is that it relies on centralized node operators to interact with the blockchain. This, considering that blockchain is meant to be a decentralized system, has left many users frustrated. Bware Labs weeks to overcome this issue, presenting a multichain API platform that allows businesses and developers to execute data requests to multiple integrated blockchains.
Bware Labs is a subscription-based service, which makes it different from other data-based blockchain integration tools like Infura, which focuses on the Ethereum chain and is paid with fiat currency. The central proposition of Bware Labs is that it will overcome issues associated with getting reliable blockchain access. By using third-party providers, screened to ensure a continual high quality and reliable performance, Bware Labs solves roadblocks in the path towards complete decentralization.
Additionally, as the node providers receive a share of the rewards and BWR tokens from offering their service, there is ongoing incentivization that draws users to the platforms. While node providers benefit, users are then also granted a high-quality service, with geographical node distribution ensuring that they receive the best data connection based on their area.
An alternative method of income for node provides is through the staking program, where users can increase their rewards by staking BWR tokens. They can also communicate with other BWR token owners, accepting delegations in order to create a staking pool with the required minimum quantity.
To ensure that the service provided by Bware Labs continues at a high level, they run an integrity protocol that ensures that all third-party nodes have the desired level of performance, data integrity, and reliability. If a node is detected as failing any one of the requirements, it will be paused, stopping rewards for the node provider until they fix the underlying issue. Due to this quality assurance process, users of the platform can always get access to near-perfect quality connections.
Putting crypto-natives at the heart of the project, Bware Labs has ensured that subscription payment access to their infrastructure can be made directly in stablecoins. This unique structure that benefits both node providers and users is a revolutionary step for decentralization on multichain applications.
Brian Weaver, Engineering Manager at Hypersphere, an investor in Bware Labs, sees this opportunity as a way of “developing multichain applications while eliminating much of the costly infrastructure overhead,” a solution that has the potential of “scaling to meet the needs of future chains and customers.”
This Series A funding round represents the beginning of Bware Labs’ rapid stage of scaling, development, and delivering blockchain data to multiple integrated blockchains across the world. This impressive project is definitely one to follow over the coming months.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.