Tendermint closes a $9M investment round

Software development company Tendermint has raised $9 million in funding, the company announced in a Medium post. The Series A investment round was led by Paradigm, a crypto investment company, and other investors also included companies such as Bain Capital and 1confirmation. The closing of the round coincides with the launch of Cosmos Hub. With Cosmos Hub live, there are a number of blockchain projects in the works planning to connect to the Cosmos Hub which use Tendermint Core technology.

According to Jae Kwon, CEO of Tendermint and Contributor of Cosmos, blockchain technology has been hindered by limitations like scalability problems and a lack of usability. He believes, however, that Cosmos aims to provide solutions to these issues and can potentially “overcome these limitations,” leading to the creation of an Internet of Blockchains.

"The launch of the Cosmos Network is the first major milestone in the development of this network and represents the culmination of 40 years of computer science research, with a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism being deployed live for the first time," said Kwon. "Now we’re encouraging developers to develop applications that take full advantage of the promises of this powerful ecosystem.”

Tendermint is going to use some of the funds for the continued development of the Cosmos Network. It is also planning to take on more staff and develop a sustainable business model.