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Ethereum Push Notification Service Gets $10M Series A Funding

The recently launched Ethereum Push Notification Service has raised more than $10 million in Series A funding, taking the company’s valuation to $131 million. The blockchain’s novel service could bring a new dawn to web3 messaging, as investor interest piques.

What is the EPNS?

Ethereum Push Notification Service is a blockchain-based messaging service built to delve right into web3’s potential. Launched in January, the decentralized protocol for notifications works across most devices, from browsers to Android and iOS. According to CEO Harsh Rajat, the service aims to solve the problem of inter-blockchain communication. 

A user on any blockchain should be able to receive a notification from any other service they use on any blockchain,” says Rajat.

After an initial seed funding of $1.4 million in late 2020, the protocol managed to bag $10.1 million in a Series A funding round at a $131 million valuation. 

Jump Crypto, the cryptocurrency arm of the Jump Trading Group firm, led the funding round. Other participants were Woodstock Ventures, Tiger Global, Alpha Wave Capital, and Polygon Studios, among others. The Series A round comes with a 9-month to 1-year lock-in period for investors, with guaranteed vesting in 2 years.

Easing Communication: How EPNS Works

The EPNS protocol allows smart contracts, decentralized applications, or local servers to send notifications connected to a user’s wallet address. Once subscribed to specific channels, users can receive word about expiring ENS subscriptions, NFT price fluctuations, etcetera. Additionally, conventional usernames used on platforms like discord and slack are canceled, as EPNS relies on a user’s on-chain identification.

Since the platform launch in January, EPNS claims to have sent over 4 million push notifications to more than 44,000 subscribers. 

Additionally, the web3 notification protocol is built to have a more stable security posture than its web2 counterpart, which supports channels like Telegram. This is due to the number of hackers posing as developers flooding the platforms in web3 communities. The protocol is already in testnet on Polygon. There are plans to launch on the BNB chain, Harmony, and a non-Ethereum Virtual Machine by the end of 2022. 

Growing Funding Success

When asked about the fundraising, Rajat explained: 

Raising this round was very strategic for us. We knew it was the right time when we decided to become a multichain protocol. Because we are inventors of the idea, raising has been relatively easier for us.”

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In the first quarter of 2021 alone, blockchain startup companies around the world amassed 2.6 billion US dollars in venture-capital funding. This figure surpasses that of the funding generated throughout 2020, according to Statista. EPNS funding news comes as platforms like Metalink, which requires crypto wallet connectivity for chats, implement their web3 solutions. 

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