The vendor said the move aligns with the vision of the company’s investors, who’ve poured $10 million over 4 years, and the 16,500 holders of its $NOIA token. It comes hot on the heels of a new wave of funding from a host of leading blockchain-focused venture capitalists.
The latest round of financing follows two previous capital injections. Syntropy secured $5 million during its seed funding, followed by an additional $4 million in May 2023.
Syntropy focuses on delivering scalable on-chain data across DeFi protocols, applications, and enterprises. As a Layer-1 blockchain, Synternet also helps build data infrastructure essential for a unified Web3 landscape. However, the rebrand will not affect the $NOIA token, which remains operational on the Ethereum network without requiring action from holders.
“Synternet isn’t just a rebrand; it’s a declaration of our vision for the future of blockchain,” said CEO Daniel Haudenschild. “We aim to lay the foundation for a decentralized web that is open, interoperable, and innovative.”
CTO Jonas Simanavicius added that the engineering team is focused on developing technology to realize this vision, looking forward to expanding their decentralized applications (dApps) network in the coming months.
Next up on its roadmap, Syntropy is set to launch the Synternet Blockchain. The company also plans to introduce a token bridge between Ethereum and Cosmos to speed up value transfers, along with upgrades to the user experience for both publishers and developers.
Originally founded to optimize data transit on the internet using blockchain, Synternet has evolved as the Web3 ecosystem grew. The upcoming mainnet launch marks its transition to a Layer-1 project that connects isolated chains into a synchronized network.
The Web3 Data Layer team now includes over 50 professionals, with a community nearing 100,000 across social platforms.
Source: Cryptocurrency - investing.com
