Zetachain, a project that seeks to build one chain to interoperate with all other blockchains, announced it raised $27 million in a Series A funding round. Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, and Jane Street Capital, among others, participated in the funding round. Zetachain will use the funds to launch its solution on mainnet and grow its app ecosystem.
Zetachain Raises $27 Million in Series A Funding Round
Zetachain, an interoperability-focused blockchain project, has raised $27 million in a Series A funding round. Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, and others participated in the round. Funds will be used to launch the mainnet of the chain and also to grow its decentralized app ecosystem.
Zetachain wants to tackle the isolation problem that affects blockchains, where resources are siloed and cannot be used in separate chains or applications. Zetachain states its mission is to “establish a new standard for blockchain interoperability where users can access all of their assets and data from one wallet on a single platform.”
This includes non-smart-contracts-enabled blockchains, like Bitcoin and Dogecoin. Zetachain’s architecture allows the users to leverage these assets without using structures to bridges or wrapped tokens and the security liabilities they present.
A Growing Testnet Ecosystem
While Zetachain’s solutions are still in testnet stages, there are already more than 27,000 decentralized application contracts used in several applications in various fields, including decentralized finance (defi), non-fungible tokens (NFTs), universal Web3 social, identity, and gaming protocols.
Zetachain claims that 1.7 million users have participated on its testnet, with over 13 million transactions completed. With its design approach, the company expects that fees, slippage, and complexity will be reduced for the average user to reach global audiences and introduce them to crypto. For them, solving the fragmentation problem is “critical to enabling Web3 apps and services to reach a larger audience in the hundreds of millions.”
The next step for Zetachain is to launch its product on mainnet, which still does not have a definitive launch date. However, the interoperability issue is complex, and several competitors are trying to offer their own particular solutions to this problem. In March, Layerzero Labs raised $135 million in a Series A+ funding round for developing cross-chain decentralized applications.
What do you think about Zetachain and its goal of managing several blockchains using just one chain as a hub? Tell us in the comments section below.