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The corporate plans to make use of the recent capital to broaden its core groups, advance accomplice integrations and speed up ecosystem progress.
The corporate’s modular zero data proof-based interoperability simplifies the motion of property between Ethereum and Cosmos.
The mainnet for the interoperability layer is scheduled to go reside on the mainnet in early 2025.
Union Labs, a web3 firm providing a modular, zero knowledge-powered cross-chain interoperability layer between Ethereum and the Cosmos ecosystem has raised $12 million in a Collection A spherical co-led by Gumi Cryptos Capital and Longhash Ventures. The fundraising brings the whole raised to $16 million, following a $4 million seed spherical introduced in 2023.
Borderless Capital, Blockchange VC, Foresight Ventures, LBank, Gate Ventures and Veris Ventures additionally participated within the spherical with members from Polygon, Celestia, Motion Labs, Avail, OG Labs and Berachain Communities becoming a member of as angel traders. Union Labs plans to make use of the recent capital to broaden its core groups, advance accomplice integrations and speed up ecosystem progress.
Earlier this 12 months, the corporate additionally introduced it was integrating Polygon’s AggLayer and Cosmos’ Inter-Blockchain Communication (IBC) protocol. The corporate additionally plans to hyperlink its cross-interoperability layer to Bitcoin because it seeks to make it “safer to make property transfers throughout Bitcoin L2s and the multichain ecosystem, enhancing DeFi on Bitcoin,” the workforce mentioned in a press launch.
Commenting on the announcement, Karel Kubat, the founding father of Union mentioned the brand new fundraising “is reflective of our workforce’s ongoing dedication to lowering fragmentation by bringing safe, sovereign, and seamless interoperability to Web3.”
The corporate additionally plans to broaden its product providing to Solana, Berachain, Celestia, Avalanche and extra in accordance with a put up shared on the X platform.
In line with the announcement, the mainnet for the interoperability layer is scheduled to go reside on the mainnet in early 2025.
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