ZetaChain Raises $27M Funding for Universal Crypto Interoperability

ZetaChain Raises $27M Funding for Universal Crypto Interoperability

Time Stamp: August 16, 2023 9:00 AM
Source Node: 2825944

Key Takeaways

  • ZetaChain has raised $27 million in equity funding from prominent investors like Blockchain.com, VY Capital, VistaLabs, and more.
  • This funding underscores the growing interest in ZetaChain’s approach to achieving universal interoperability within the cryptocurrency ecosystem.
  • The project aims to enable users to manage their assets and data seamlessly across various blockchains from a single platform.
  • Unlike traditional methods that rely on bridges or wrapped tokens, ZetaChain’s approach promises to simplify the process, even encompassing non-smart contract chains like Bitcoin and Dogecoin.

ZetaChain, a layer-1 blockchain focusing on universal interoperability within the cryptocurrency space, has successfully concluded an equity funding round, raising $27 million from prominent participants.

Leading investors in this round include Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, Krust, and more.

Established in 2021, ZetaChain has amassed approximately 150 contributors worldwide, with notable figures like Ankur Nandwani, Panruo Wu, and Brandon Truong among them. The team boasts expertise from past roles at major crypto companies such as Coinbase, Brave, THORchain, and more.

ZetaChain’s primary objective revolves around creating a new benchmark for blockchain interoperability.

Their vision involves enabling users to oversee their assets and data through a singular platform, irrespective of the blockchain’s origin, without relying on bridges or wrapped tokens. This encompasses even non-smart contract chains like Bitcoin and Dogecoin. This approach simplifies developer processes, as they can work with one contract for all chains, reducing vulnerability points.

One of ZetaChain’s groundbreaking features is its Ethereum Virtual Machine compatible smart contract layer and omnichain toolkit. This empowers developers to implement Bitcoin smart contracts, unlocking access to the decentralized finance (DeFi) ecosystem for Bitcoin users. This move could significantly expand the DeFi user base and enhance the utility of Bitcoin within the broader blockchain landscape.

The ZetaChain ecosystem is vibrant, hosting over 27,000 dApp contracts that span various domains like cross-chain DeFi, NFTs, web3 social applications, identity, and gaming protocols.

The platform’s testnet has witnessed engagement from over 1.7 million users, who have conducted more than 13 million transactions.

According to Ankur Nandwani, a core contributor to ZetaChain, the project aims to streamline asset and data management across multiple blockchains, addressing a complexity that has hindered new users from joining the web3 ecosystem. The platform’s Ethereum Virtual Machine compatibility, coupled with cross-chain smart contracts, promises a faster, more secure, and user-friendly experience for decentralized app developers.

Underpinned by the Cosmos SDK and Tendermint Consensus, ZetaChain strives to surmount the limitations of traditional cross-chain solutions that rely on centralized trust models, often leaving them vulnerable to security breaches. Instead, ZetaChain operates as a transparent Proof-of-Stake blockchain, ensuring transparency, verifiability, and minimized trust requirements for all transactions and cross-chain activities.

Read Also: Orbital Secures $6.4M to Bridge Traditional Finance and Crypto Payments for Global Enterprises

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