Ethereum Push Notification Service (EPNS), a decentralized communication layer for the crypto space, has raised $10.1 million in a Series A funding round to expand its Web3 messaging capabilities beyond the Ethereum blockchain.
Cryptocurrency infrastructure outfit Jump Crypto led the funding round with participation from Tiger Global, ParaFi, Polygon Studios and Wintermute. Other investors included Sino Global Capital, Harmony Foundation and Zebpay, among others.
According to Thursday’s announcement, the EPNS Series A puts the project’s valuation at about $131 million. The project raised $1.41 million in seed funding in late 2020.
The EPNS team said it will use the newly raised capital to pursue its goal of becoming the “de-facto communication layer for Web3.”
“We are already testing our multichain notifs on Polygon testnet. We are excited for a true multi-chain experience where a user, no matter what network they are on (Ethereum, Polygon or Solana), is able to receive communication from any other network where EPNS is deployed,” Richa Joshi, EPNS co-founder, told The Block.
EPNS is a Web3 communication protocol that aims to enable on-chain communication. The project also helps users receive push notifications for alerts like Ethereum Naming Service (ENS) domain expiration, vault liquidation on Oasis and various on-chain snapshots among others.
The project has delivered more than four million notifications over than 44,000 subscribers since launching in April 2020, the announcement said.