bloXroute, an Israeli startup that developed a blockchain distribution network (BDN) that helps DeFi traders on Ethereum, Polygon, and BSC, has completed a $70 million Series B funding, led by SoftBank Vision Fund 2.
According to Investopedia, Decentralized finance (DeFi) is defined as an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.
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Companies like bloXroute can use BDN to eliminate the fees that banks and other financial companies charge for using their services. With it, people hold their money in a secure digital wallet instead of keeping it in a bank. Anyone with an internet connection can use it without needing approval and, as Investopedia says, it lets a user transfer funds in seconds and minutes.
Founded in 2017 by CEO Uri Klarman, COO Eyal Markovich and Chief Architect Prof. Aleksandar Kuzmanovic, bloXroute calls itself the “Flash Boys” for DeFi. The company boasts the creation of the first and only high-performance blockchain distribution network (BDN) with the “best solution for Ethereum, BSC, and Polygon.”
The bloXroute BDN and DeFi trading tools allow its users to “win” at crypto trading, it says. The BDN utilizes a global network of servers optimized for network performance. Nodes access this network through open-source gateways and users can access it through the bloXroute public-API.
The BDN network propagates blockchain transactions and blocks closer to the speed of light. It provides traders with the speed and reliability required for crypto transactions. bloXroute declares that it is the leader in mempool services, block streaming and anything Defi performance.
“This investment enables us to expand our team, extend our reach, and continue making the propagation of data more efficient and reliable,” said Uri Klarman, Co-founder and CEO of bloXroute.
“We believe that bloXroute holds the key to unlocking faster transaction speeds and reduced latency on multiple blockchain networks,” said Aaron Wong, investor at SoftBank Investment Advisers. “bloXroute’s global distribution network enables unparalleled transaction settlements for trading and we foresee exciting use cases to emerge in industries such as NFTs, blockchain-based metaverses and gaming.”