The company, founded by two former Coinbase employees, has secured $5.3 million to accelerate the development of Web 3 infrastructure and tools.
Company founders Ola Muse and Karthik Kalyanaraman left Coinbase in August. It took them just two months to raise and close the seed round, led by Redpoint Ventures with participation from Mysten Labs and Howard University.
Their company, Scale3, is an infrastructure startup focused on supporting blockchain node operators. Button operation is a complex process that requires high technical support and quick response to problems.
As Web 3 infrastructure expands, continuous monitoring and support of nodes will be necessary, a niche the company aims to be, according to the announcement.
Button Analysis Dashboard
Scale3’s first product, called Autopilot, aims to simplify and automate the process of setting up, monitoring, and upgrading blockchain nodes. The open source tool will be used to provide node operators with node and network telemetry, community information, and ecosystem-specific insights on its dashboard. said more.
Karthik Kalyanaraman, CTO of Scale3, acknowledges the problems of running node infrastructure at scale, commenting: “We are bringing our experience and knowledge to solve this and is leveraging best practices and open source tools to reduce total operating costs for the industry. “
Ola Muse added that the team has decades of experience in infrastructure to address the standards and tools that are essential for blockchain node and network operations. Muse commented that currently it takes operators around eight hours to update their nodes, but Scale3 was able to reduce that time to less than 20 minutes.
The first blockchain network supported by Scale3 is the MystenLabs’ Sui ecosystem, and expansion to other networks is planned for the fourth quarter.
Bear Market Builders
Bear markets are often used to build better infrastructure and invest more in research and development. This happened during the crypto winter of 2022 as Web 3 venture capital continued to grow despite the drop in crypto asset prices.
The crypto market is currently down a percentage point or so on the day, falling again below a total capitalization of $1 trillion. There doesn’t seem to be any end to the consolidation, which has been going on for more than three months now.
Read more: Mad Money’s Jim Cramer Wants Crypto Investors To Bet Against Him – ‘I’ve Been Doing This For 42 Years’