Crypto News, San Francisco-based ZetaChain, known for developing a public EVM-compatible L1 blockchain, has successfully raised $27 million in a recent funding round.
ZetaChain Secures $27M Funding to Bridge Bitcoin, Cosmos, and Ethereum
The round witnessed participation from prominent names such as Blockchain.com, Human Capital, VY Capital, and Jane Street Capital, among others.
Purpose of the Funding
ZetaChain plans to channel the funds towards expanding its operations and intensifying its development initiatives. A significant portion of the investment will be directed towards enhancing its chain-agnostic platform, which is anticipated to revolutionize the blockchain domain.
Ankur Nandwani, a core contributor to ZetaChain, emphasized the platform’s mission to streamline the management of assets and data across multiple blockchains. He highlighted the challenges posed by the current fragmented and complex processes, which act as barriers for numerous potential users in the web3 ecosystem. ZetaChain’s EVM-compatible cross-chain smart contracts are designed to address these challenges, offering decentralized app developers a platform that is faster, more secure, and user-friendly.
Bridging Major Blockchains
Founded in 2021, ZetaChain boasts a global contributor base of around 150 individuals. Notable contributors include Ankur Nandwani, previously associated with Coinbase, Brave, and 0x, and Panruo Wu, an early contributor to THORchain. The team also comprises former employees from Cosmos, Ignite, and Consensys, among other blockchain projects.
ZetaChain’s primary objective is to set a new standard for blockchain interoperability. The platform aims to provide users with a unified interface to manage their assets and data, irrespective of the originating blockchain or storage method. This includes blockchains that don’t support smart contracts, like Bitcoin and Dogecoin.
Developers stand to benefit immensely from this standardized interoperability. They can manage a single contract that spans multiple chains, minimizing potential vulnerabilities.
With ZetaChain’s Ethereum Virtual Machine compatible smart contract layer and its omnichain toolkit, developers can effortlessly integrate Bitcoin smart contracts. This integration paves the way for those previously restricted to Bitcoin, allowing them to utilize their Bitcoin assets within the broader DeFi ecosystem.
Summary of current state
The ZetaChain platform currently hosts over 27,000 dApp contracts, representing a wide array of decentralized applications, from cross-chain DeFi and NFTs to web3 social and gaming protocols. The ZetaChain testnet has already attracted over 1.7 million users, with more than 13 million transactions recorded so far.
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