Quick take:
- The company plans to use the fresh capital to expand its core teams, advance partner integrations and accelerate ecosystem growth.
- The company’s modular zero knowledge proof-based interoperability simplifies the movement of assets between Ethereum and Cosmos.
- The mainnet for the interoperability layer is scheduled to go live on the mainnet in early 2025.
Union Labs, a web3 company offering a modular, zero knowledge-powered cross-chain interoperability layer between Ethereum and the Cosmos ecosystem has raised $12 million in a Series A round co-led by Gumi Cryptos Capital and Longhash Ventures. The fundraising brings the total raised to $16 million, following a $4 million seed round announced in 2023.
Borderless Capital, Blockchange VC, Foresight Ventures, LBank, Gate Ventures and Veris Ventures also participated in the round with members from Polygon, Celestia, Movement Labs, Avail, OG Labs and Berachain Communities joining as angel investors. Union Labs plans to use the fresh capital to expand its core teams, advance partner integrations and accelerate ecosystem growth.
Earlier this year, the company also announced it was integrating Polygon’s AggLayer and Cosmos’ Inter-Blockchain Communication (IBC) protocol. The company also plans to link its cross-interoperability layer to Bitcoin as it seeks to make it “more secure to make assets transfers across Bitcoin L2s and the multichain ecosystem, enhancing DeFi on Bitcoin,” the team said in a press release.
Commenting on the announcement, Karel Kubat, the founder of Union said the new fundraising “is reflective of our team’s ongoing dedication to reducing fragmentation by bringing secure, sovereign, and seamless interoperability to Web3.”
The company also plans to expand its product offering to Solana, Berachain, Celestia, Avalanche and more according to a post shared on the X platform.
According to the announcement, the mainnet for the interoperability layer is scheduled to go live on the mainnet in early 2025.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
