As a seasoned crypto investor with a knack for identifying promising projects that bridge gaps and foster growth within the blockchain ecosystem, I find Union Labs’ recent $14 million Series A funding round to be an exciting development. Having navigated through various bull and bear markets over the years, I’ve learned to appreciate the potential of projects that aim to solve real-world problems like interoperability between different blockchains.
The initiative known as Union Labs, which aims at facilitating communication between various blockchain networks, has secured a Series A investment round worth $14 million, with Gumi Cryptos Capital and Longhash Ventures spearheading the funding process.
The recently acquired funds will be allocated to enlarge our core team, enhance partnership integrations, and foster growth within our ecosystem. This fundraising follows our $4 million seed funding from last year. Borderless Capital, along with angel investors from the Polygon, Celestia, Movement, and Berachain communities, joined us in this new round, as Union Labs announced on Tuesday.
The essential item produced by the Union is a flexible, privacy-focused (zero-knowledge or ZK) interoperability foundation. This foundation aims to facilitate the transfer of assets between the Ethereum and Cosmos networks. The mainnet for this platform is expected to launch in early 2025.
In April, Union Labs announced they were planning to combine their systems with Polygon’s AggLayer. This move indicates a strengthening connection between Polygon, a notable Ethereum scalability solution, and the Inter-Blockchain Communication Protocol (IBC) of Cosmos.
The union is also keen on developing within the Bitcoin infrastructure, aiming to overcome the chain’s scripting restrictions to facilitate safe asset transfers between Bitcoin Layer 2s and the broader multi-chain system, thereby improving Decentralized Finance (DeFi) on Bitcoin, as stated in their official announcement.
As a passionate crypto investor, I’m thrilled about Karel Kubat’s announcement regarding the recent fundraise for Union. This investment, in my view, underscores our team’s unwavering commitment to combating fragmentation within the Web3 space. We aim to achieve this by developing secure, self-governing, and effortlessly interoperable solutions that will streamline the user experience.
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2024-12-03 18:18