Multicoin Capital Leads $10 Million Series A for Permissionless Labs

Multicoin Capital has led a $10 million Series A in Permissionless Labs, a primary contributor to Pipe Network, a permissionless content delivery network (CDN) on Solana.

Other participants in this funding round include Robot Ventures, Solana Ventures, and Anatoly Yakovenko, co-founder of Solana.

According to a statement, “The new funds will be used to recruit marketing and engineering roles, scale the network’s points of presence (POPs), and launch a private beta and testnet at Breakpoint, Solana’s annual developer conference.” Currently, the project is in a private devnet.

Permissionless Labs focuses on creating solutions for streaming media applications, aiming to develop a decentralized digital content distribution system that can compete with existing centralized models.

David Rhodus, the founder and CEO of Permissionless Labs, stated, “Pipe Network is architecturally designed to handle traffic for large enterprises the size of Netflix. The CDN industry is ripe for innovation especially with edge-video advertising insertion technology.”