ZetaChain secures $27M for Interconnected Layer-1 Blockchain
ZetaChain has announced a significant funding round in which it has raised $27 million to advance its groundbreaking mission of creating the first public Layer 1 (L1) blockchain in the world that is compatible with EVM and seamlessly connects every aspect of the digital landscape. Prominent companies like GSR, Blockchain.com, Vy Capital, Human Capital, Jane Street Capital, Sky9 Capital, VistaLabs, Foundation Capital, CMT Digital, Lingfeng Capital, and numerous others are active participants in this funding initiative.
ZetaChain is fundamentally changing the blockchain sector by providing EVM-compatible decentralized L1 blockchain with built-in cross-chain interoperability. Connecting different blockchains is required for this, including those not based on smart contracts, like Bitcoin and Dogecoin. With the help of a centralized logic point, developers can create comprehensive omnichain decentralized applications (dApps) using the innovative Omnichain toolkit, which is exclusive to the ZetaChain ecosystem. In contrast, users have secure access to all of their assets, data, and liquidity from a single location.
ZetaChain was established in 2021 with the goal of redefining the rules for blockchain interoperability. Regardless of the blockchain they were originally created on, the platform enables users to easily access their assets and data through a unified wallet on a single platform. There is no longer a need for bridges or wrapped tokens thanks to this inclusive approach, which also applies to non-smart contract chains like Bitcoin.
Standardized interoperability has many advantages. The benefit for developers is that managing a single contract for all chains minimizes the attack surface. Developers can easily integrate Bitcoin smart contracts using ZetaChain’s omnichain smart contract layer, which is compatible with the Ethereum Virtual Machine. This opens up the DeFi ecosystem to previously untapped Bitcoin users.
By minimizing steps, delays, costs, and susceptibility to racial conditions, ZetaChain’s innovation streamlines the development of apps and services for end users while also improving the user experience overall. ZetaChain enables the wider adoption of Web3 apps and services, extending their reach to hundreds of millions by addressing the crypto fragmentation challenge.
A diverse global community that includes almost 150 contributors from various parts of the world supports ZetaChain’s vision. Ankur Nandwani, co-founder of Basic Attention Token and a former employee of Coinbase, Brave, and Panruo Wu, as well as Brandon Truong, who has worked at BuzzFeed, Udacity, and Yada in the past, are notable members. The team also includes members with experience working on well-known blockchain initiatives like 0x, Cosmos, Ignite, ConsenSys, and others.
Over 47,000 dApp contracts, including cross-chain DeFi, NFTs, universal Web3 social platforms, identity verification, and gaming protocols, are part of the ZetaChain ecosystem. Impressively, 1.7 million users have joined the ZetaChain testnet, completing over 13 million transactions so far.
Future plans for ZetaChain center on the rollout of its mainnet and continued growth of its dApp ecosystem. This trajectory aims to provide users all over the world with cutting-edge decentralized services. Visit ZetaChain.com to find out more and to stay informed of official developments.
