Mumbai: Ethereum Push Notification Service (EPNS) has raised $10.1 million (roughly Rs 76 crore) in a token spherical, with a median valuation of $131 million.
EPNS’s native digital asset token Push had a completely diluted market capitalisation of $128 million as of writing this text, in accordance with CoinMarketCap.
The EPNS group will utilise the funding to develop the notification protocol past the Ethereum ecosystem, beginning with the Polygon community, strengthening merchandise, and increasing its group to 60 from 30. It goals to develop to 1,000,000 customers.
Jump Crypto led the funding spherical the place the members included Tiger Global, ParaFi, Sino Global Capital, Polygon Studios, Woodstock Ventures, DCX Ventures, and Alpha Wave Capital.
Founded by Richa Joshi and Harsh Rajat in 2020, EPNS is constructing a web3 communication protocol. The protocol allows any good contracts, decentralised functions (dApps), or conventional servers to ship notifications tied to the pockets addresses of a person.
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Notifications could be built-in and proven on any crypto pockets, cell app, extension, or dApp. Beginning with the mannequin of sending and receiving push notifications on Ethereum, EPNS has now launched a mainnet – a completely developed blockchain community – as a multi-chain protocol, enabling any kind of automated communication on decentralised community.
“Raising the round was very strategic for us. We knew it was the right time when we decided to become a multichain protocol,” Rajat informed ET. “Because we are inventors of the idea, raising has been relatively easier for us.”
The Series A spherical comes with 9-12 months lock-in interval for the buyers, and they are going to be vested over the next 24-30 months.
EPNS, which was a
nominee for ET Startup Awards in 2021 within the high innovator class, has to this point raised $11.42 million in funding, together with this spherical.
Sandeep Nailwal, cofounder at Polygon, stated the 2 companies’ affiliation goes again to when EPNS began. “EPNS has an early mover advantage, offering its multichain services with free-transaction costs,” he stated in an announcement. “EPNS has been building something unique, an essential tool to power the Web3 communications layer. Such a layer has been missing until now.”
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