Union Labs, a challenge targeted on serving to blockchains talk with one another, has raised $12 million in a Series A funding spherical led by Gumi Cryptos Capital and Longhash Ventures.
The recent spherical of funds will probably be used to broaden Union’s core workforce, advance associate integrations, and contribute to ecosystem progress. The fundraising comes after Union raised $4 million in seed financing final 12 months. Borderless Capital participated in the brand new spherical, together with angels from the Polygon, Celestia, Motion, and Berachain communities, Union Labs mentioned Tuesday.
Union’s core product is a modular, zero-knowledge (ZK) interoperability layer, designed to ease motion of property between the Ethereum and Cosmos ecosystems. Its mainnet is meant to go stay in early 2025.
In April, Union Labs mentioned it would be integrating with Polygon’s AggLayer, signaling a deepening of hyperlinks between Polygon, one of the extra well-known Ethereum scaling options, and Cosmos’ Inter-Blockchain Communication Protocol (IBC).
Union can be in constructing in the Bitcoin ecosystem, “addressing the chain’s scripting limitations to allow safe asset transfers throughout Bitcoin L2s and the multichain ecosystem, enhancing DeFi on Bitcoin,” the workforce mentioned in a press launch.
Karel Kubat, the founder of Union, mentioned the elevate “is reflective of our workforce’s ongoing dedication to decreasing fragmentation by bringing safe, sovereign, and seamless interoperability to Web3.”
Learn extra: Union Labs Plans Polygon-to-Cosmos Bridge with New AggLayer Integration
CORRECTION (15:35 UTC): Corrects headline and piece to mirror $12 million was raised.
