- Bware Labs has raised $1.2M funding for its decentralized API marketplace.
- The platform is an alternative to current API solutions with added features.
- The developer will support multiple blockchains, starting with ETH, BSC, and AVAX.
Decentralized API platform developer Bware Labs has just completed its private funding round. Led by Ascensive Assets, the company was able to raise a total of $1.2 million. This will be used to finance its up-and-coming decentralized API marketplace.
Many high-profile, blockchain-focused investors took part in the round. Morningstar Ventures, Moonrock Capital, The Spartan Group, Genesis Block Ventures, Waterdrip Capital, and Vendetta Capital are just a few of the names. Strong blockchain projects such as Avalanche Foundation and the founders of Ankr provided financial backing.
About the funding round, Flavian Manea, Bware Labs Co-Founder, and CEO stated, “Our goal is to democratize access to blockchain nodes, so that developers across all ecosystems have the tools they need to build and improve across multiple networks. We are very glad to have received such impressive support from reputable VCs and tech companies alike. I am truly excited for the future of Bware Labs.”
The developer presents itself as an alternative to current API-providing solutions. Users can access endpoints via WebSockets and RPC, as well as purchase a subscription plan via MetaMask through it. The company then shares the payments with third-party providers that have registered nodes on its platform.
To ensure reliability, node providers within the Bware Labs ecosystem will have to stake their native tokens. In the case that a specific node underperforms, its associated token will be penalized by slashing. Further, node providers on the platform can accept delegations and share reward fees with delegators, in order to reach the required stake.
The decentralized infrastructure provider will support multiple blockchain networks seamlessly. As of now, Bware Labs will begin with Ethereum, Avalanche, and Binance Smart chain (BSC) for Phase One. Following this, it will launch on other popular networks such as Elrond, Polkadot, Polygon (Matic), and Ethereum 2.0.
Not just this, but Bware Labs has also built a secure EVM-compatible bridge. This can facilitate transfers from Ethereum to Avalance or BSC, providing users a great deal of flexibility in terms of ecosystems.
As more and more node providers join the platform, it plans to decommission them and embrace complete decentralization. Moreover, Beware Labs will offer BWR token-holders direct influence on the future direction of the protocol by taking part in decentralized governance. It will also provide them exclusive access to Bware Labs DEX tools.
“The Bware Labs team is building a compelling decentralized API solution that can not only support continued growth in DeFi, but accelerate it. I look forward to seeing the platform launch and get in the hands of developers building the next generation of DeFi applications,” noted President 0f Ava Labs, John Wu.