Scale3 Labs, a Web3 infrastructure company led by former executives at Coinbase, has raised a $5.3 million seed round.

Operating nodes is extremely complicated with technical know-how being a must. When a problem occurs with a node, the operator must be able to remedy the situation quickly, otherwise time and money are lost. 

As the number of nodes continues to increase, it’s clear that constant monitoring and insight into node performance are critical. 

Scale3’s inaugural product, Autopilot, aims to simplify and automate the process of standing up, monitoring and upgrading blockchain nodes, assisting node operators to reduce the overall cost of operations. 

Autopilot leverages open source tooling to provide node operators with blockchain node and network telemetry, community intelligence, and ecosystem specific insights.

The round was led by Redpoint Ventures, with participation from Mysten Labs and Howard University.

“We know first-hand, the challenges of operating and managing node infrastructure at scale,” said Karthik Kalyanaraman, CTO of Scale3. 

“We are bringing our experience and knowledge to solve this problem and are leveraging best practices and best in class open source tools to reduce the total cost of operations for the industry.”

Scale3 is also adding monitoring and observability layers via a dashboard that helps node operators to glean information regarding the blockchain community they work within as well as the tooling necessary to manage node upgrades seamlessly.

“Observability in Web2 provides an incredibly valuable service. Scale3 has stepped up to provide a solution for the Web3 community at a critical time,” said investor at Redpoint Urvashi Barooah. 

“The Scale3 team has expertise building observability tooling from their time at Coinbase, and now they are moving quickly to productize it for a broader market.”

Scale3 Autopilot already supports the Sui blockchain network from Mysten Labs and plans to expand support for additional leading blockchain networks in Q4 2022.

“We are building the web3 observability and monitoring platform for blockchain nodes and networks,” said Ola Muse, CEO of Scale3 and former director of engineering at Coinbase. “The DevOps for blockchain nodes are a challenge for every node operator, including exchanges, custodians, L1 foundations, staking providers, and node infrastructure providers. 

“We have decades of infrastructure experience and are tackling this problem by building the much-needed standards and tools into our platform to simplify blockchain network and node operations.”

Muse has also held leading roles at Dropbox, Fastly, Adobe, Microsoft, Expedia and Dell.

How can brands reach younger generations?

Cryptocurrency shorts

Moon Mortgage has raised a $3.5 million seed round to finance its mortgage lending product CryptoMortgage, which takes investors’ digital assets as collateral and provides 100% financing for investment properties.

DeGods has removed royalty fees for its NFT projects DeGods, t00bs and y00ts “as an experiment”.

European Union lawmakers have voted 28 to 1 in favour of crypto laws, meaning the legislation – signed off by its national governments last week – is all but guaranteed to be endorsed by the European Parliament before the end of this year.

Coinbase has gained in-principle approval for a cryptocurrency operating licence in Singapore.

The countries with the tightest cryptocurrency regulations are Australia, South Korea, the UK, United States, Denmark, Japan and Norway, according to research from Forex Suggest.

Can crypto stablecoins counter Latin American hyperinflation?

Crypto prices

The overall market cap of the more than 21,200 coins is at $918 billion at the time of writing (7am UK), a 2.5% decrease in the last 24 hours.

For round-ups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.