Paradigm, Haun Ventures co-lead $37 million round in Conduit

Conduit, a crypto infrastructure firm, has raised $37 million in its latest funding round, with the aim of supporting the development of novel blockchain-based products and services.

Haun Ventures and Paradigm co-led the Series A funding round, with participation from Robot Ventures, Credibly Neutral, Coinbase Ventures and Bankless Ventures. Several angel investors also contributed capital to the raise.

Conduit plans to use the freshly raised funds to roll out products that help developers build their own “customizable and reliable” rollups, which could lay the groundwork for the development of new use cases for distributed-ledger technology, the firm said Tuesday in its blog post.

“By making on-chain compute abundant and cheap, these new scaling solutions make never-before-seen business models possible,” Conduit said.

Those rollups, or Layer 2 scaling solutions, process transactions away from the networks that undergird them, thereby reducing network congestion on the blockchains they're built on. Once those transaction backlogs are cleared, on-chain transactions such as crypto payments, can be processed more quickly.

As transaction speeds inch higher, the possibilities to create usable on-chain products and services for a wide range of users increase, offering loads of potential business opportunities for blockchain developers, according to Conduit.