Secured $40M from Paradigm, Coinbase

Sridhar Ramaswamy, who handled Google’s ad business from 2013 to 2018, is launching a new Web3 firm, nxyz platform which will allow fast data infrastructure for blockchains. Earlier in May, the firm secured $40 million in a Series A funding round led by Paradigm and supported by Coinbase, Sequoia, and Greylock. The money will be utilized to grow the nxyz team, develop strong support for new use cases, and extend across chains.

Ramaswamy left Google in 2018 and founded Neeva a year later. Neeva is a search engine that does not have any advertisements and blocks online tracking tools. nxyz, consequently, was developed by a group of engineers from Neeva. According to a blog on Neeva’s website, nxyz brings Neeva’s user-first spirit to web3.

What does the new web3 startup aim to do?

The Web3 search engine developed by nxyz is not aimed at customers. Instead, it seeks to provide huge crypto corporations with clean blockchain data. It is similar to how Bloomberg provides access to financial data and news to Wall Street organizations. BitGo, a crypto custody company, was named by Ramaswamy as a pioneering partner.

By offering quick, adaptable, and dependable blockchain indexing and data infrastructure, nxyz hopes to inspire a new generation of designers, creators, and business people to create a better internet for web3. nxyz’s lightning-fast blockchain API offers real-time blockchain data. Additionally, applications like wallets and NFT projects directly benefit from nxyz’s capacity to scale up to support high throughput.

nxyz’s launch comes in a time of uncertainty around the crypto space. The markets have taken another beating with Bitcoin (BTC) below the $20k mark once again. The current slump seems to be a direct result of the expected interest rate hike. The US CPI numbers are due tomorrow, and investors are bracing themselves for the results.