This Teenage Founder Of Crypto Startup Raises $30 Million For Expansion! This Is What They Do..

A software development startup founded in the ongoing year, Community Labs, has raised $30 million, a venture studio which aims at supporting projects related to cryptocurrencies on a global, permanent hard drive called Arweave.

This Teenage Founder Of Crypto Startup Raises $30 Million For Expansion! This Is What They Do..

It must be noted here that the founder of the company is a (presently) 19-year old Tate Berenbaum, who is precisely described as spending ‘most of his time during the pandemic, coding in his basement, instead of baking sourdough or hanging out on Zoom’.

At the time Berenbaum was a high schooler and coding thoroughly in the pandemic led him to develop tools for a blockchain-like platform, which is known for permanent data storage, called Arweave, which the least idea of the kind of effect it would create on the crypto industry.

It appears that the 19-year old is serious about his company, as he is seen saying in an interview that he has moved out of New York and put his first year at the University of Virginia on hold, as he looks to build the company.

On enquired about finishing college first, Berenbaum says, “At the moment, I don’t have plans to go back.”

Community Labs has raised $30 million for powering software development and a venture studio focused on supporting Arweave adoption, ecosystem growth, and protocol development, states a Business Wire report.

The funding round was led by Lightspeed Venture Partners, which also attracted participation from other industry giants like Arweave, Bain Capital Crypto and Blockchain Capital, while other investors also were a part of the round.

The 19-year old has declined to disclose the valuation of the startup.

At present, there are 8 employees working at Community Labs from across the world, which also includes Berenbaum’s 38-year-old adviser and co-founder, Leo Lucisano.

“It can be used for financial use cases,” states Berenbaum, adding that he has also built a service called Verto on Arweave, which is a decentralized exchange for trading tokens, as per Bloomberg.


Comments are closed, but trackbacks and pingbacks are open.

who's online