On October 17th, 2024, Pell Network made headlines by announcing a successful pre-seed funding round in London, UK, raising an impressive $3 million to advance its mission of creating an Omnichain Decentralized Validation Services (DVS) network. This funding initiative, revealed on October 16, 2024, was jointly led by prominent firms such as Paper Ventures, Halo Capital, and Mirana Ventures. Other notable contributors included incubator D11-Labs and key investor Delta Blockchain Fund, alongside a wide array of additional investors like ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, and 071Labs, along with various individual angel investors. The capital raised will be instrumental in further developing Pell’s innovative network, which seeks to create a groundbreaking omnichain DVS powered by the concept of restaking.
The Pell Network aims to tackle the fragmented landscape of blockchain technology by employing Liquid Staking Tokens (LST) to eliminate the barriers posed by siloed blockchains.
By doing so, Pell Network hopes to enhance the overall sustainability of the blockchain ecosystem. Oliver Blakey, co-founder of Paper Ventures, expressed his excitement regarding Pell's vision, stating, “Pell’s vision for a universal trust network aligns perfectly with the evolving needs of BTCFi users. We are excited to support their journey in addressing critical challenges and unlocking fresh possibilities for Bitcoin-based DeFi.” Similarly, David Toh, Managing Partner of Mirana Ventures, praised Pell’s innovative tactics: “Pell Network brings a new approach to restaking that enhances the user experience while providing differentiated revenue streams at a lower cost to developers. We are thrilled to support their vision of creating an Omnichain DVS network powered by restaking.”
As Pell Network continues to develop its platform, the architecture comprises three primary components: the Restaking Layer, Pell Chain, and Service Layer. This framework is designed to optimize resource allocation and maximize returns by effectively aligning capital, assets, and consumers. The network has already garnered notable traction, with deployments across 20 chains, including BNB Smart Chain, Core, Babylon, Mantle, and Ethereum. With a total value locked (TVL) exceeding $300 million and over 430,000 stakers within its Omnichain Restaking Network, Pell is well-positioned for growth. To further solidify its presence in the blockchain ecosystem, Pell Network has embarked on various community engagement initiatives, including Testnet launches and Airdrop Campaigns, rewarding early participants with valuable incentives. Users are encouraged to stay updated on Pell’s developments through their official website and social media platforms.
# | Investor | Sector | Stage | Activity | Team | Connect |
---|---|---|---|---|---|---|
1 | ![]() Paper Ventures | 1 investment(s) investment(s) | more info | |||
2 | ![]() Halo Capital | 1 investment(s) investment(s) | more info | |||
3 | ![]() Mirana Ventures | 1 investment(s) investment(s) | more info | |||
4 | ![]() D11-Labs | 1 investment(s) investment(s) | more info | |||
5 | ![]() Delta Blockchain Fund | 1 investment(s) investment(s) | more info | |||
6 | ![]() ArkStream Capital | 1 investment(s) investment(s) | more info | |||
7 | ![]() Mantle EcoFund | 1 investment(s) investment(s) | more info | |||
8 | ![]() Web3Port | 1 investment(s) investment(s) | more info | |||
9 | ![]() Caliber Venture Builder | 1 investment(s) investment(s) | more info | |||
10 | ![]() Cogitent Ventures | 1 investment(s) investment(s) | more info |
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