HomeNEWSZetaChain raises $27 million to fund network development

ZetaChain raises $27 million to fund network development


Follow us


 ZetaChain, a layer-1 network, has acquired $27 million to enhance its chain-agnostic protocol. The development surfaced via an August 16, post on X, formerly known as Twitter. As revealed, prominent investors like Blockchain.com, Human Capital, Foundation Capital, Kudasai, and VY Capital. Other notable contributors include VistaLabs, Jane Street Capital, CMT Digital, Krust, Sky9 Capital, Lingfeng Capital, GSR, and Krust among many others.

More so, ZetaChain is aiming to establish itself as a force to reckon with in the blockchain industry. Since its establishment in 2021, the protocol has focused on providing interoperability among networks. Consequently aiding non-smart contract networks to interact with the larger decentralized finance (DeFi) landscape. 

With the recent funding, the project will provide more infrastructural support for developers. Prior to the recent development, developers through ZetaChain can execute smart contracts in networks like Bitcoin and Dogecoin. Likewise, the protocol will further enhance its support for developers with the funds to develop omnichain DApps. Therefore, allowing seamless accessibility to all assets and data through a unified channel. This solution will facilitate this access irrespective of the network the tokens were built or kept on. 

In the announcement, the project described how it has enjoyed significant patronage. As revealed, the layer-1 network has witnessed the deployment of more than 27,000 dApp contracts on it. Accordingly, these smart contracts range from numerous middleman solutions like cross-chain DeFi, gaming protocol, Web3, and NFTs. Additionally, ZetaChain indicated that it has facilitated more than 13 million transactions on its testnet. 

Before the recent funding, top contributors in the crypto and blockchain landscape have worked with ZetaChain. Likewise, the project is enjoying the expertise of talents that have previously worked with Cosmos, Ignite, and Consensys among many others.

Side note about ZetaChain

Meanwhile, when ZetaChain first launched in 2021, the project team during an interview revealed some of the core visions of the project. In the interview, the project team indicated that users, through the omnichain feature of the layer-1 network can build numerous applications that can abstract networks for various use cases.

Similarly, the ZetaChain project team indicated that the innovation will offer decentralized options to allow users to exchange assets seamlessly. Due to that, end-users will experience better and more seamless UX. Providing them with more freedom to explore the larger DApps ecosystem, manage their risk, and subsidize gas fees. 

Read More:

David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

Most Popular