Decentralised API platform Bware Labs secures $6M in series A funding round

Bware Labs, a startup offering a state-of-the-art API platform tailored for API users and node-owners, has secured $6 million in funding from its series A round, according to a press release shared with CoinJournal on Wednesday, 23 February.

Hypersphere Ventures, Infinity Ventures Crypto, Blizzard and Axia8 were among the extensive list of investors to back the startup. Others were Woodstock, Coingecko, Nexo and Impossible Finance.

Funding is a vote of confidence from investors

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With this funding round, Bware Labs has now successfully raised $7 million from investors. Among those to have backed the project in the previous round, we had Ascensive Assets, Spartan Group, GBV and Morningstar Ventures.

Flavian Manea, CEO of Bware Labs, said in a statement that the investment round has helped it strengthen the project’s team. Among other industry players, the platform has been able to onboard “experienced investors from both crypto and traditional finance.”

The company has also expanded its tech offering, with the financing accelerating this as it looks to scale developments for the future.

As well, the funding shows the confidence that new and repeat investors have in the company, Manea added.

Bware Labs offers decentralised API infrastructure

As a multi-chain API platform, Bware Labs wants to bring decentralised API infrastructure to the broader crypto market. The product will benefit both developers and businesses seeking to build on the blockchain, the platform noted in its press release.

The subscription-based API platform will remove the need to rely on centralised node operators to interact with the blockchain. Users looking to benefit from the company’s protocol can subscribe by paying via stablecoins. This, according to the company, makes it easy for crypto-native businesses to take advantage of the features. 

Another key feature of the API infrastructure is its use in helping with node reliability and performance. To achieve reliability as well as decentralisation, nodes are incentivised through access to shared revenue and staking capacity using the native BWR tokens.

Nodes that don’t have the required amount of tokens to run a node can choose to accept BWR tokens delegated to them. With these, users can form staking pools.

Bware Labs currently supports more than 10 blockchain platforms, including Polygon, Avalanche, BNB Chain, Moonbeam, Fantom and Polkadot. Others are Elrond, Moonriver, Shidden and Astar.

The startup plans to integrate layer2 platforms such as Optimism and Arbitrum.