Nxyz raises $40 million to unlock faster blockchain indexing with DailyCoin

Nxyz, a blockchain indexing startup, has announced that it raised $40 million in Series A funding led by Paradigm, with Coinbase (NASDAQ: ) Ventures, Greylock Partners, Sequoia Capital and others also participating. Angel investors such as Balaji Srinivasan, Jaynti Kanani, Jing Wang, Packy McCormick (NYSE: ), Surojit Chatterjee, Ryan Selkis and others also invested.

Nxyz said it will use the funds to hire more staff globally, build robust support across new use cases and expand across different chains.

“We created nxyz so developers can focus on building at scale, and have the fast and easy method of indexing the data they need. I’m convinced this is exactly the kind of innovation needed to ensure widespread adoption and success for web3,” said nxyz CEO Sridhar Ramaswamy. The platform, built by a team that includes former Google distributed systems engineers, provides fast, flexible and real-time blockchain data within less than 200 milliseconds. According to nxyz, the high throughput directly benefits for applications such as wallets and NFT projects.

“Web3 developers today lack fast, flexible and reliable infrastructure to support their applications, which is holding the industry back from widespread adoption. nxyz has a truly superlative team that has built the best data indexing infrastructure for web3, and we at Paradigm are thrilled to support them,” said Matt Huang, co-founder and managing partner at Paradigm.Launched early this year, nxyz has brought on more beta customers and has processed over 5 billion transactions across Optimism, Arbitrum, Polygon, Binance and .

On the other side

• The blockchain indexing market is dominated by graphene. It’s unclear what new benefits nxyz brings to the table.

Why you should care

Blockchain indexing helps developers build decentralized applications faster and more efficiently. On top of that, the blockchain indexing market is dominated by one player, Graph. Having multiple indexing protocols helps drive innovation and gives developers more options.

Read more about Microsoft’s latest web3 investment:

Space and Time secures $20 million in strategic funding led by Microsoft’s Venture Fund

Read more about previous Meta leaders’ investments in the crypto space:

Former Meta executives raise $300 million in funding to develop Sui Blockchain

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