Layer-1 blockchain network, ZetaChain, has recently garnered a remarkable $27m in its latest equity round.
This injection of capital will further bolster its chain-agnostic platform, which promises to be a game-changer in the blockchain sphere.
Leading this round were notable names in the tech and financial sector: Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, Krust, among several other significant investors.
So, what exactly does ZetaChain offer? Established in 2021, this innovative protocol delivers standardised interoperability across diverse networks. This means non-smart contract chains can now smoothly integrate with the expansive decentralised finance (DeFi) ecosystem. For developers, this translates to the ability to introduce smart contracts on networks that previously didn’t support this technology, such as Bitcoin and Dogecoin.
To get a bit more technical, a smart contract functions as a digital agreement stored on a blockchain, which auto-executes when specific conditions are met. One of the enduring challenges within the crypto realm has been enabling these contracts to interact across different blockchains. ZetaChain offers a robust solution by letting developers craft omnichain decentralised applications (DApps). These DApps ensure assets and data can be accessed from any platform, irrespective of their originating blockchain, and without the need to bridge or wrap tokens.
ZetaChain’s traction in the market is evident. The company reports the deployment of over 27,000 DApp contracts on its platform, catering to a diverse array of third-party applications – from cross-chain DeFi and nonfungible tokens to Web3 identity and gaming protocols. Furthermore, the platform boasts of over 13 million transactions conducted on its testnet, involving more than 1.7 million users.
Since its inception, ZetaChain has rallied an impressive line-up of contributors from the crypto universe, including Ankur Nandwani (formerly with Coinbase, Brave, and 0x), Panruo Wu (an early contributor to THORchain), and Brandon Truong (previously at BuzzFeed, Udacity, and Yada). The core team also features ex-stalwarts from Cosmos, Ignite, ConsenSys, and other reputed blockchain initiatives.
ZetaChain’s Ankur Nandwani, commenting on the venture’s vision, said, “Our [Ethereum Virtual Machine] EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralised app developers to build services that are faster, more secure, and easy to use.”
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