- DeFi platform CESS recently concluded a funding round, raising $8 million in investment.
- Major participants in the funding round included DWF Labs, HTX Ventures, Infinity Ventures Crypto, Mentha Partners, Winkrypto, and other funds.
- The raised capital will be utilized to solidify CESS’s position within the decentralized infrastructure sector.
Decentralized data storage platform Cumulus Encrypted Storage System (CESS) successfully secured $8 million in an investment round, with support from more than 10 venture organizations.
The CESS investors comprised DWF Labs, HTX Ventures, Infinity Ventures Crypto, Mentha Partners, Winkrypto, and other funds. The startup stated that the funds will be utilized to drive technological advancements, expand global operations, and fortify CESS’s position in the decentralized infrastructure sector.
CESS is a unique project that combines blockchain technology with a decentralized data storage system. By leveraging multiple nodes and hash identification, CESS enables secure file storage. The platform utilizes a range of cryptographic protocols, such as proof of duplication and recovery, as well as multi-format proof of information, to ensure data persistence.
The CESS protocol is anticipated to be in-demand across various sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), social networks, blockchain games, and streaming media.
Recently, the project roadmap was unveiled, which includes the launch of a testnet, reward distribution, and the listing of the CESS token on exchanges.
It is worth mentioning that in December, the Medallion platform raised $13.7 million in funding from prominent venture capital firms and METALLICA group. We also previously reported on Coinchange, a DeFi project that concluded a $10 million funding round.