Recently, blockchain stakeholders have started taking interest in Polkadot projects. Capitalizing on this, SubQuery has started a new venture to drive improved data indexing. This decentralized data aggregator platform has raised $9 million in financings to start working on their first data aggregation layer for Polkadot.
This step could help in reinforcing the data indexing procedure, especially for upcoming interoperability networks. They have announced that this funding will be used for the uninterrupted construction of the indexing infrastructure. SubQuery plans on using these for various Kusama and Polkadot applications.
They further declared that the received investment will prove helpful in expanding their project’s technical capabilities. It can also be used for open-sourcing the software.
Planners behind this Financing
The start of this investment was led by a collaboration of Stratos Technologies, Arrington XRP Capital, and Digital Currency Group. They also received the support of Skynet Trading, NGC Ventures, Hypersphere Ventures, and Wintermute.
Initially, without the support, SubQuery was only able to raise $1.8 million by March 2021 during their private seed round. The main objective of SubQuery is to improve the accessibility of blockchain data on both Kusama and Polkadot. It is because the project will generate newer marketspaces for data provisioning.
Recently, Arrington XRP Capital was also observed making an investment in Moonbeam parachain. They have clarified that SubQuery displays the qualities required to emerge as a major infrastructure that can easily adapt to various Polkadot applications. In recent times, the Polkadot ecosystem has become significantly popular after Kusama started its 6th parachain auction batch.
