Multicoin Capital Invests in Permissionless Labs

Multicoin Capital has led a $10 million Series A investment in Permissionless Labs, a key 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, a co-founder of Solana.

According to a statement from the company, the new funds will be utilized to:
– Recruit marketing and engineering staff
– Scale the network's points of presence (POPs)
– Launch a private beta and testnet during Breakpoint, Solana's annual developer conference

Currently, the project is in a private devnet phase.

Permissionless Labs focuses on creating solutions for streaming media applications with the goal of developing a decentralized digital content distribution system that can compete with existing centralized models.

David Rhodus, 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."