Quick take:
- ZetaChain has secured $27 million in a round backed by Blockchain.com, Human Capital, VY Capital, Sky9 Capital and others.
- The company plans to use the funds to accelerate the development of its chain-agnostic platform.
- ZetaChain offers decentralised interoperability between networks enabling developers to deploy smart contracts in other networks like Bitcoin.
ZetaChain has completed a $27 million funding round backed by Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, Human Capital, VY Capital, Blockchain.com, Kudasai, and Krust, among others. The fundraising was completed via a sale of equity sale, the company said in a statement on Wednesday.
The company said its chain-agnostic platform has already facilitated the deployment of more than 27,000 dApp contracts, from a variety of third-party applications including non-fungible tokens (NFTs), cross-chain decentralised finance (DeFi), gaming protocols and web3 IDs.
More than 13 million transactions have been completed on its testnet by over 1.8 million users, according to a statement on the ZetaChain website.
ZetaChain claims to offer users one entry point to all of crypto, adding that apps built on its platform “connect to anything in the crypto ecosystem, giving you simple, seamless, and secure access to all of crypto, as if it were all in a single place.”
Commenting on the announcement, Ankur Nandwani, a core contributor to the ZetaChain platform said: “ZetaChain’s purpose is to simplify managing assets and data across multiple blockchains, which remains a complicated and fragmented process that’s hindering hundreds of millions of new users joining the web3 ecosystem.
“Our EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralized app developers to build services that are faster, more secure, and easy to use,” he added
Nandwani, who previously worked with Coinbase, Brave and 0x, is joined by Panruo Wu – an early contributor to THORchain and Brandon Truong formerly of BuzzFeed, Udacity, and Yada.
This fundraising comes at a time when funding in the web3 seems to be bouncing back amid a bear crypto market. Recently, startups have raised more than $500 million including Polychain Capital’s $200 million, CoinFund’s $158 million, BitGo’s $100 million and Futureverse’s $54 million.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
