ZetaChain Secures $27 Million Funding to Develop Interoperable Layer-1 Blockchain Enabling Seamless Connection Across Major Chains

ZetaChain Secures $27 Million Funding to Develop Interoperable Layer-1 Blockchain Enabling Seamless Connection Across Major Chains

By Staff Writer, 31 August 2023

ZetaChain, a layer-one blockchain focusing on universal interoperability in the crypto realm, has successfully concluded an equity funding round, securing $27 million from prominent participants.

Notable contributors include Blockchain.com, Human Capital, VY Capital, and others. Established in 2021, ZetaChain boasts around 150 contributors globally, including key figures from renowned crypto projects like Coinbase, THORchain, and Consensys.

ZetaChain's mission is to establish a new standard for blockchain interoperability and enable users to manage all of their assets and data from a single platform, regardless of the blockchain they were created or stored on and without the need for bridges or wrapped tokens. This includes non-smart contract chains like the Bitcoin network and Dogecoin.

Standardized interoperability provides developers with significant advantages as they can manage a single contract for all chains and reduce the attack surface. ZetaChain's Ethereum Virtual Machine compatible smart contract layer and omnichain toolkit empower developers to seamlessly implement Bitcoin smart contracts. This unlocks a whole world of users who were previously solely in Bitcoin, enabling them to utilize their Bitcoin within the broader DeFi ecosystem.

The ZetaChain ecosystem is thriving, with more than 27,000 dApp contracts currently deployed on the platform. These represent a diverse range of third-party decentralized applications, including cross-chain DeFi, NFTs, universal web3 social, identity, and gaming protocols. Already, more than 1.7 million users have participated on the ZetaChain testnet, which has seen over 13 million transactions completed to date.

"ZetaChain's purpose is to simplify managing assets and data across multiple blockchains, which remains a complicated and fragmented process that's hindering hundreds of millions of new users joining the web3 ecosystem," said Ankur Nandwani, ZetaChain core contributor. "Our EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralized app developers to build services that are faster, more secure, and easy to use."

Utilizing the foundations of Cosmos SDK and Tendermint Consensus, which ensure rapid block time and immediate finality, ZetaChain is poised to surmount the constraints posed by conventional cross-chain solutions such as bridges that hinge on centralized trust mechanisms, leaving them exposed to security vulnerabilities.

In contrast, ZetaChain functions as an open Proof-of-Stake blockchain, guaranteeing utmost transparency, validation, and reduced reliance on trust for every transaction and operation, encompassing cross-chain transactions.

Source: PR Newswire

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