Tencent-led $15m funding to Chainbase aiming to pioneer on-chain intelligence

Chinese tech giant Tencent has closed a $15 million Series A funding round for Chainbase, an omnichain data network for web3.

According to the press release shared with Crypto.news, notable investment institutions such as Tencent Investment Group, Matrix Partners, and Hash Global participated in the financing round.

Chainbase is the world’s largest omnichain data network. The project aims to create a comprehensive on-chain data infrastructure for the web3 space.

This helps power various applications in the web3 space, such as digital currencies and smart contracts, by making it easier for developers to access and use blockchain data openly and fairly.

With the fresh funding, Chainbase plans to deploy a pioneering crypto-sphere model to enhance data intelligence on the blockchain and expand AI capabilities across its applications.

The platform currently has 8,000 live projects and is used by over 15,000 developers. The network as a whole manages over 500 billion data calls.

Chainbase is expected to engage with millions of developers and retail users in the coming years and develop standardized tools for on-chain data development and machine learning.

Chainbase co-founder and COO Chris Feng described the latest funding round as a “critical moment,” adding that the funds will help build the “first Crypto World Model.”

“We are in the process of building our mainnet — an innovative 4-layer dual-consensus multi-chain data network for the AI ​​era. The design of the structure aims to ensure openness, permissionlessness, transparency, security, instant data processing at the root. We estimate to launch the testnet in August,” Feng told crypto.news.

Last year, Chainbase partnered with the Open Network (TON) Foundation and Tencent Cloud to drive web3 adoption in the Asia-Pacific region. As part of the initiative, Chainbase successfully launched its first data indexing product on TON.

Additionally, the platform also provides a high-speed, reliable enterprise node deployment service for the TON blockchain.

Amid this backdrop, Tencent became part of China’s metaverse working group earlier this year. The initiative, launched by the country’s Ministry of Industry and Information Technology (MIIT), aims to create standards for the metaverse.