Union Labs raises $4 million to build cross-chain infrastructure

Union Labs raises $4 million to build cross-chain infrastructure
фото показано с : invezz.com

2023-11-17 18:12

Union Labs, the developer of a blockchain interoperability layer Union, has raised $4 million in its seed funding, according to details shared with Invezz.

Venture capital firms Galileo, Semantic Ventures, Nascent and Tioga Capital co-led the investment round. Lightshift and Chorus One also participated in the funding round, Union Labs said.

Union’s cross-chain infrastructure

Per details in a blog post, the seed funding will be used to develop a bridge that connecting appchains, Layer 1 and Layer 2 networks. Funds will also be used to expand the team and to develop the platform’s API to allow for more interoperability across blockchains.

Karel Kubat, founder of Union Labs, commented:

“This support signifies trust in Union and the team, while also showing strong support from the industry for projects focussed on sovereignty and decentralization: the keys to an equitable digital economy.”

Union’s infrastructure layer offers a unique consensus engine that does not rely on oracles, multi-signatures, or MPC (Multi-Party Computation) and other third parties for security, scalability or interoperability.

Unlike on other bridging solutions, relayers don’t get any special authority on Union, which ensures private keys are not a target for hackers. Messages verification is via zero-knowledge proofs.

“The most prominent hacks are bridge hacks, yet bridges remain critical infrastructure for almost all projects, showing the need for better, more resilient products. It is our responsibility to innovate new ways to protect these assets and further the adoption of ZK technologies to realize a secure and interoperable, cross-chain future,” Kubat added

Union enables Cosmos’ Inter Blockchain Communication (IBC) on Ethereum via two components of its ZK bridge architecture.

CometBLS is an augmentation of Tendermint and a consensus verification mechanism that allows for fast execution, low operational costs, and decentralised infrastructure. The other component is Galois, the prover.

The post Union Labs raises $4 million to build cross-chain infrastructure appeared first on Invezz

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Источник: invezz.com

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