202225 Nov

t3rn Raises $6.5M in a Strategic Funding Round Led By Polychain Capital

Summary

Berlin, Germany, November XX, 2022 , the next-generation fail-safe multichain protocol, raised $6.5m in a strategic funding round led by Polychain Capital, the worlds premier digital asset investment fund.This strategic round also counted among its investors Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital and an array of industry-leading angel investors, many of which are prominent founders.The future of Web3 is multichain, said Maciej Baj, Founder and Chief Technology Officer of t3rn. This strategic funding round supports the development of our innovative approach to blockchain interoperability.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, said Ben Perszyk, Partner at Polychain Capital. They are enabling the future where smart contracts can actually execute across chains instead of being bounded by one chain or being forced to work across risky bridges.Roderik van der Graaf, Founder and Managing Partner at Lemniscap said: Considering the contours of todays multi-blockchain environment, the need for smart contract interoperability has never been more pronounced. And unlike bridges, t3rn enables multi-step transactions to be composed across different chains under a single call.Since its inception, t3rn has been supporting the development of the ecosystem, and has been part of the .The protocol is also announcing the completion of its second grant from the , to further develop XBI an innovative XCM-based standard for smart contract communication.Jacob Kowalewski, Chief Strategy Officer at t3rn, said: We are incredibly proud to not only have the support of some of the foremost investors in the space, but also to be continually delivering on ambitious grants for the Web3 Foundation. In a time when multichain solutions are hindered by hacks and exploits, we at t3rn are committed to building a game-changing solution in a measured manner, and we look forward to becoming a pivotal part of a secure multichain world.t3rn is a multichain protocol that brings fail-safe, interoperable execution and smart contract composability to the Polkadot ecosystem and beyond.t3rns ultimate goal is to enable trust-free collaboration between blockchains and to create an ecosystem in which anyone can utilize and deploy an interoperable smart contract, in an ecosystem where developers are fairly rewarded for their contributions.

Source: Cryptopolitan

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