Tatum Blockchain Development Protocol Raised $41.5 M From Octopus Circle, and Others

  • Tatum has earlier raised $8 million in its funding round.  

Tatum, a blockchain development platform, has raised $41.5 million in funding from Octopus Ventures, Circle, leads block fund, and the founders of the crypto exchange Bitpanada.   

Tatum’s ambition is to reduce the time-to-market of blockchain application development. Tatum’s platform simplifies the Blockchain process’s development in a one-liner code to facilitate the development process incorporating segments such as smart contracts, fees and payments solutions, real-time alerts, and crypto exchange functions. 

The company is thus looking to manage the necessary complexities and expertise that lead to long development times that may obstruct blockchain adoption.

The Chief Executive Officer and co-founders of Tatum noted, “We have revolutionized blockchain application creation by slashing development times from months or years of engineering time down to just days.”  

Tatum has earlier raised $8 million and has many blockchain applications live and in production environments with clients ranging from Fortune 500 companies to tech startups.   

The stablecoin will be introduced on Arbitrum One, NEAR, Optimism, and Polkadot by the end of this year and at Cosmos by the beginning of the next year, it further clarified.   

Joao Reginatto, VP Product and Product Lead for USD Coin at Circle, thinks that “the multi-chain growth is designed to rise USDC’s native availableness from eight ecosystems to thirteen,” before adding that it “permits blockchain creators grounding on USDC and their clients to have more liquidity and interoperability in the crypto economy.”

USDC supply has been continuously falling for the last three months. From the start of July, it decreased by 12.5%, from 56 billion USDC to 49 billion USDC. 

The growing bear market and minimized demand for DeFi have caused a fall in stablecoin utilization.

On 29 September, TheCoinRepublic reported that USDC Stablecoin Will be Minted on Cosmos in 2023. Circle announced the launch of USDC stablecoin on the Cosmos blockchain. The plan was disclosed on Wednesday, 28 September 2022, during the Coverge22 conference organized in San Francisco. 

Following the UST stablecoin de-pegging with USD, other contenders like wrapped USDC were available on the Cosmos. They were not up to the mark in terms of usability and lacked the security offered by a full-fledged stablecoin. 

On 12 October, Centre.io mentioned in their blog that The Centre Consortium and its members, Circle and Coinbase, exclusively support the Ethereum PoS blockchain for USD Coin (USDC). We have since taken proactive steps to address an unsupported smart contract resulting from a hard fork in which the Ethereum blockchain split into two networks: the PoS and PoW chains. 

Nancy J. Allen
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