Celestia Foundation Secures $100 Million in Funding
On Monday, the Celestia Foundation announced it has raised $100 million in funding, spearheaded by Bain Capital Crypto, with additional investments from firms like Syncracy Capital and 1kx.
This brings the total capital raised to $155 million, although the specific uses of these funds have not been disclosed.
Following this announcement, the price of Celestia’s native token, TIA, soared over 20% before settling at a 12.25% increase, now trading at $6.40 and holding a market cap of $1.36 billion. Despite the surge, TIA remains down more than 65% from its peak earlier this year.
Mustafa Al-Bassam, co-founder of the Celestia Foundation, emphasized the commitment to advancing a new technical roadmap aimed at significantly improving blockspace capabilities.
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Additionally, an important token unlock is scheduled for October 31, which will release 175.74 million tokens, representing 16.4% of the total supply.
This event could create market volatility, and some traders are considering shorting TIA in anticipation. As the unlock date approaches, the market will likely experience fluctuations, and traders are advised to employ careful risk management strategies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
