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11:17 PM · Dec 3, 2024 · Union Labs, a pioneering force in blockchain interoperability, has successfully secured $12 million in Series A funding. This latest round, co-led by Gumi Cryptos Capital and Longhash Ventures, with participation from prominent investors including Borderless Capital, Foresight Ventures, Blockchange VC, LBank Labs, Gate Ventures, Veris Ventures, and angel investors from the Polygon, Celestia, Movement, Berachain, Avail, and OG Labs communities, brings the company's total funding to $16 million following a $4 million seed round in 2023.
This injection of capital will fuel Union Labs' mission to build the next generation of aggregation, interoperability, and chain abstraction. The company is developing a modular, zero-knowledge (ZK) proof-based interoperability layer designed to facilitate seamless and secure communication between disparate blockchain ecosystems, including Ethereum, Cosmos, and Bitcoin.
Bridging the Blockchain Divide: A Vision for Unified Web3
Union Labs' technology addresses the critical challenge of blockchain fragmentation, which hinders the growth and adoption of Web3 applications. By enabling secure and efficient cross-chain communication, Union Labs unlocks a new era of interoperability, empowering developers to build truly decentralized and interconnected applications.
The core of Union Labs' solution lies in its innovative use of zero-knowledge proofs. This cryptographic technique allows for the verification of information without revealing the underlying data, ensuring both security and scalability. The platform's subsecond messaging protocol facilitates application-specific intents and transfers, enabling real-time interaction between different blockchains.
Key Features and Benefits of Union Labs:
- Modular and Extensible: Union's modular architecture allows for seamless integration with various blockchain networks and execution environments, including EVMs, SVMs, and altVMs.
- Zero-Knowledge Security: Leveraging ZK proofs ensures the privacy and security of cross-chain transactions, protecting user data and assets.
- Subsecond Speed: The high-performance messaging protocol enables near-instantaneous communication and asset transfers between chains.
- Scalability: Designed for high throughput and low latency, Union Labs' technology can handle the demands of a rapidly growing Web3 ecosystem.
- Universal Compatibility: Supports a wide range of blockchain networks, promoting interoperability across the entire decentralized landscape.
Strategic Partnerships and Future Roadmap
Union Labs has already forged strategic partnerships with key players in the blockchain space, including Polygon, through the integration of its AggLayer with Cosmos' Inter-Blockchain Communication (IBC) protocol. This collaboration signifies a deepening of ties between two major blockchain ecosystems and highlights Union Labs' commitment to building bridges across the decentralized world.
The company is also actively exploring integrations with Solana, Berachain, Celestia, Avalanche, and other prominent networks. Furthermore, Union Labs is working to enhance Bitcoin's interoperability by addressing its scripting limitations and enabling secure asset transfers across Bitcoin L2s and the multichain ecosystem.
The mainnet launch of Union Labs' interoperability layer is scheduled for early 2025. This milestone will mark a significant step towards realizing the vision of a truly interconnected and interoperable Web3.
About Union Labs:
Union Labs is a leading blockchain interoperability company building the next generation of cross-chain communication infrastructure. Leveraging cutting-edge zero-knowledge cryptography, Union Labs is creating a secure, scalable, and efficient platform for seamless interaction between different blockchain ecosystems. The company is committed to fostering a more interconnected and collaborative Web3 landscape.
About Gumi Cryptos Capital:
Gumi Cryptos Capital (GCC) is a leading investment firm focused on blockchain and cryptocurrency technologies. GCC invests in early-stage companies building innovative solutions for the decentralized future.
About Longhash Ventures:
Longhash Ventures is a global venture capital firm investing in blockchain and distributed ledger technology companies. Longhash supports entrepreneurs building the future of the decentralized internet.
About Borderless Capital:
Borderless Capital is a venture capital firm focused on accelerating the growth of the Algorand ecosystem. The firm invests in promising projects building on the Algorand blockchain.
Compiled by CMO Intern team
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