Tencent Completes $15 Million Series A Funding Round for Chainbase: Building the First Crypto World Model
Chinese technology giant Tencent has made a significant move in the world of web3 with a $15 million Series A funding round for Chainbase, an omnichain data network. This funding round saw participation from Tencent Investment Group, Matrix Partners, and Hash Global, among others.
Chainbase is touted as the world’s largest omnichain data network, aiming to create a comprehensive on-chain data infrastructure for the web3 space. This infrastructure will make it easier for developers to access and utilize blockchain data in an open and fair manner, powering various applications such as digital currencies and smart contracts.
With the fresh injection of funds, Chainbase plans to deploy a pioneering crypto world model to enhance data intelligence on the blockchain and expand AI capabilities across its applications. Currently, the platform boasts 8,000 live projects and is utilized by over 15,000 developers, handling over 500 billion data calls.
Co-founder and COO of Chainbase, Chris Feng, described the funding round as a “pivotal moment” for the project, emphasizing the development of the first Crypto World Model. The platform is set to launch a test net in August, showcasing its innovative 4 layer dual consensus omnichain data network for the AI era.
In a strategic move last year, Chainbase partnered with the Open Network (TON) Foundation and Tencent Cloud to drive web3 adoption in the Asia-Pacific region. This collaboration resulted in the successful launch of the first data indexing product on TON, along with a reliable enterprise node deployment service for the TON blockchain.
Tencent’s involvement in the metaverse space has also been notable, as the company joined China’s metaverse working group earlier this year. This initiative, led by the Ministry of Industry and Information Technology (MIIT), aims to establish standards for the metaverse, further solidifying Tencent’s position in the evolving digital landscape.