Union Labs, a project focused on helping blockchains communicate with each other, has raised $12 million in a Series A funding round led by Gumi Cryptos Capital and Longhash Ventures.
The fresh round of funds will be used to expand Union’s core team, advance partner integrations, and contribute to ecosystem growth. The fundraising comes after Union raised $4 million in seed financing last year. Borderless Capital participated in the new round, along with angels from the Polygon, Celestia, Movement, and Berachain communities, Union Labs said Tuesday.
Union’s core product is a modular, zero-knowledge (ZK) interoperability layer, designed to ease movement of assets between the Ethereum and Cosmos ecosystems. Its mainnet is supposed to go live in early 2025.
In April, Union Labs said it would be integrating with Polygon’s AggLayer, signaling a deepening of links between Polygon, one of the more well-known Ethereum scaling solutions, and Cosmos’ Inter-Blockchain Communication Protocol (IBC).
Union is also interested in building in the Bitcoin ecosystem, “addressing the chain’s scripting limitations to enable secure asset transfers across Bitcoin L2s and the multichain ecosystem, enhancing DeFi on Bitcoin,” the team said in a press release.
Karel Kubat, the founder of Union, said the raise “is reflective of our team’s ongoing dedication to reducing fragmentation by bringing secure, sovereign, and seamless interoperability to Web3.”
Read more: Union Labs Plans Polygon-to-Cosmos Bridge with New AggLayer Integration
CORRECTION (15:35 UTC): Corrects headline and piece to reflect $12 million was raised.
Read the full article here
Follow us on Google News to get the latest Updates
