TechFlow reports that interoperability protocol Connext Labs has raised $7.5 million at a $250 million valuation, with participation from Polychain Capital, Polygon Ventures, Coinbase Ventures, Ethereal Ventures, 1kx, Hashed, and Scalar Capital. The new funding will be used to establish the Connext Foundation, which will oversee granting development grants and funding to initiatives within the Connext ecosystem.
Notably, Connext is working on "building HTTP for Web3," aiming to create a communication layer across different blockchain networks.
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