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ZetaChain Raises $27 Million for Interoperable Layer-1 Blockchain

by BSC News

August 16, 2023

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ZetaChain has raised $27 million from investors such as Blockchain.com, and CMT Digital, with a view to bringing true interoperability to the blockchain ecosystem

ZetaChain, a layer-1 network looking to revolutionize interoperability within the cryptocurrency industry, has raised a full $27 million from an investor list including Blockchain.com, Human Capital, CMT Digital, and GSR, via the sale of equity. 

According to Ankur Nandwani, a core contributor for the blockchain, “ZetaChain’s purpose is to simplify managing assets and data across multiple blockchains, which remains a complicated and fragmented process that’s hindering hundreds of millions of new users joining the web3 ecosystem… Our EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralized app developers to build services that are faster, more secure, and easy to use.”

A further list of investors in the $27 million round:

  • Blockchain.com
  • Human Capital 
  • VY Capital 
  • Sky9 Capital
  • Jane Street Capital
  • VistaLabs
  • CMT Digital
  • Foundation Capital
  • Lingfeng Capital
  • GSR
  • Kudasai
  • Krust

What is ZetaChain?

Zeta was founded in 2021 and its impressive roster of core contributors includes former-Cosmos, Consensys, Coinbase, and Buzzfeed employees. 

ZetaChain’s current traction, according to its website. Source: Zetachain.com [Aug 16, ‘23] 

ZetaChain is built using the well-known Cosmos SDK and leverages the Tendermint consensus mechanism. The blockchain’s mission is to reduce friction in the ecosystem, and onboard additional users to the space by allowing said users to manage all assets from a sole platform, reducing reliance on controversial bridging and wrapping mechanisms.

Zeta’s architecture not only provides EVM-compatibility, but also allows developers to easily deploy Bitcoin smart contracts, unlocking the largest crypto-ecosystem in the industry.

According to ZetaChain, the network already has nearly 150 contributors from across the world, and more than 27,000 dApp contracts deployed. Its testnet has seen more than 1.7 million users complete over 13 million transactions on the network.

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