Ethereum Push Notification Service (EPNS) has raised $10.1 million in a token round, with an average valuation of $131 million.
EPNS’s native virtual asset token Push had a fully diluted market capitalization of $128 million as of writing this article, according to CoinMarketCap.
The EPNS team will utilize the funding to develop the notification protocol beyond the Ethereum ecosystem, starting with the Polygon network, strengthening products, and expanding its team to 60 from 30. It aims to grow to a million users.
Jump Crypto led the funding round where the participants included Tiger Global, ParaFi, Sino Global Capital, Polygon Studios, Woodstock Ventures, DCX Ventures, and Alpha Wave Capital.
Founded by Richa Joshi and Harsh Rajat in 2020, EPNS is building a web3 communication protocol. The protocol enables any smart contracts, decentralized applications (dApps), or traditional servers to send notifications tied to the wallet addresses of a user.
Notifications can be integrated and shown on any crypto wallet, mobile app, extension, or dApp.
Beginning with the model of sending and receiving push notifications on Ethereum, EPNS has now launched a mainnet a fully developed blockchain network – as a multi-chain protocol, enabling any type of automated communication on decentralized network.
The Series A round comes with a 9-12 months lock-in period for the investors, and they will be vested over the following 24-30 months.
EPNS has so far raised $11.42 million in funding, including this round.
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