t3rn nets $6.5m for its multichain technology


t3rn, a next-generation fail-safe multichain protocol, has raised $6.5m in a strategic funding round.

The round was led by Polychain Capital, a premier digital asset investment fund.

Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital and an array of industry-leading angel investors, also participated.

At the crypto market moves towards a multi-blockchain environment, interoperability across smart contracts is becoming more important.

t3rn is a multichain protocol that brings fail-safe, interoperable execution and smart contract composability to the Polkadot ecosystem and beyond.

The copmany’s ultimate goal is to enable trust-free collaboration between blockchains and to create an ecosystem in which anyone can utilise and deploy an interoperable smart contract, in an ecosystem where developers are fairly rewarded for their contributions.

Maciej Baj, founder and chief technology officer of t3rn, said, “The future of Web3 is multichain. This means that transactions across multiple blockchains can and should be as easy and safe as those on a single chain.

“t3rn supports this new paradigm in cross-chain programming. This strategic funding round supports the development of our innovative approach to blockchain interoperability.”

Ben Perszyk, partner at Polychain Capital, added, “Interoperability between layer-1 blockchains and the applications built on top of them will help improve efficiency and liquidity across the ecosystem by reducing fractured liquidity pools and increasing composability across different execution environments. t3rn is building an expressive protocol for generalizable function calls across different chains – an ambitious undertaking that will unlock new behaviors for crypto builders and users.”

Earlier this month, Rekt Studios, a Dubai-based startup specialised in leveraging blockchain and emerging technologies raised $1.5m in funding to bolster the development of the ‘Unseen’ ecosystem. Unseen is a decentralised virtual ecosystem centred around gaming, entertainment, and the buying and selling of digital assets.

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