Teen raises $30 million for cryptocurrency startup

It all started with the pandemic: confined to his home, Tate Berenbaum, an American teenager, decided to use his excess free time for something useful and devoted himself to one of his great passions: coding. In his basement, the student managed to build development tools for Arweave, a platform known for permanent data storage.

According BloombergArweave is often the platform of choice for decentralized data storage: it is, for example, used to archive digital records of the war in Ukraine, such as tweets and videos documenting the conflict.

Berenbaum, now 19, has successfully raised $30 million for his Community Labs, a software startup and venture capital studio (a startup studio with a venture capital fund), dedicated supporting cryptocurrency projects on that same Arweave platform. . Lightspeed Venture Partners led Community Labs’ funding round, which also included Bain Capital Crypto and Blockchain Capital, among other investors.

Also according to Bloomberg, Community Labs already has eight employees worldwide, including Berenbaum adviser and co-founder Leo Luciano, 38. The main goal of the startup is to bring more versatility to Arweave, expanding its operations to allow it to operate more similarly to blockchains like Ethereum and Solana.

“It can be used for financial use cases,” Berenbaum said, noting that he has already built a service called Verto, a decentralized exchange for token trading, on Arweave. During the creation of the company, the young man moved to New York and temporarily suspended his university studies.

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