The Web3 development platform Moralis has successfully completed a Series A funding round, which brought in a total of Moralis 40m series Coinbase Ventures. After the company raises these funds, it intends to put these funds into accelerating product development, enhancing the user experience, and expanding capacity to accommodate additional and larger clients.
Coinbase Ventures, the investment division of cryptocurrency exchange Coinbase (COIN), was one of the investors in this venture. The infrastructure provided by Moralis, which is headquartered in Stockholm, enables developers to construct and launch Web3 applications, games, and non-fungible tokens (NFTs) across blockchains.
A number of different investors participated in the funding round, including the European firm EQT Ventures, Fabric Ventures, and Dispersion Capital. Last year, EQT Ventures led the $13.4 million seed round for Moralis.
Laura Yao, a partner at EQT Ventures, said, “We are very excited to be continuing our journey with Moralis. Ivan and Filip have built an ambitious team committed to democratizing the current Web3 landscape by opening it up to more and more developers.”
Making It Easier To Develop Web3 Projects
Moralis 40m series Coinbase Ventures investment round, in which the company collected $40 million, has been officially closed, the company stated. This follows closely on the heels of the seed round that the company held in October of the previous year, during which it raised $13.4 million.
Ivan Liljeqvist, better known as the YouTuber “Ivan on Tech,” and Filip Martinsson established Moralis in June 2021. The company creates software and application programming interfaces (APIs) that incorporate identity management, identity authentication, archived and real-time transaction records, and session management in order to ease the transition from Web2 to Web3 simpler for developers.
The company’s goal is to simplify the process of developing Web3 applications for all developers. It is not a secret that there has been a surge of interest in the Web3 business over the course of the past year. However, typical Web3 development still has several obstacles to overcome before it can be brought to market, including entry-level requirements for developers.
This problem is solved by Moralis, which provides developers with access to a robust backend infrastructure that can be accessed with only a few lines of code. According to Ivan Liljeqvist, Web3 will make the use of the internet more democratic by removing the need for consumers to go through the intermediaries that they do today, which are mostly big tech companies.
He stated that the cross-chain compatibility of Moralis enables Web3 developers to build on the blockchains that are currently the most widely used. It is becoming increasingly apparent that people want to develop on other blockchains in addition to Ethereum.
After that, Liljeqvist went on to explain that Moralis will make use of the Moralis 40m series Coinbase Ventures funding round to accelerate the development of its products. In addition, it will assist in expanding the platform so that it can accommodate a greater number of clients of larger sizes, and it will improve the overall user experience.
Accelerating The Advent Of Web3
Moralis is an industry-leading Web3 development platform that gives developers the infrastructure they need to build, scale and launch cross-chain applications, games, and NFTs. Tens of thousands of Web3 applications are already utilizing the technologies and APIs that Moralis has to offer, such as its Metaverse SDK and NFT API.
This shows it not only saves developers time and money but also enables them to ship scalable and reliable decentralized applications (dApps). To be more specific, Moralis provides developers with access to the extensive backend infrastructure. This makes it possible for developers to deploy their Web3 applications in a matter of minutes or hours, as opposed to weeks or months.
After Moralis 40m series Coinbase Ventures, the company plans to hasten the arrival of Web3 by developing tools that are at the forefront of their field while maintaining an exceptional level of usability. In addition to this, Moralis simplifies and reduces the complexity of Web3 development, which helps to make it more accessible to users.
According to Filip Martinsson, Moralis would be concentrating on a number of things, some of which include accelerating the product development process, scaling it so that it can handle both more clients and larger clients, and enhancing the experience that users have when using the platform.