Interoperability layer Union Labs raises $4M to revolutionize cross-chain infrastructure
DOVER, Del., Nov. 16, 2023 /PRNewswire/ -- Union Labs, the team creating a hyper-efficient, zero-knowledge interoperability layer, has successfully raised $4 million in seed funding to build the first fully trustless bridge that connects appchains, layer 1, and layer 2 networks. Capital secured is also earmarked for the expansion of Union's seasoned team, comprised of leaders from Composable Finance; Consensys; Tokensoft; and Polygon; in anticipation of its upcoming mainnet launch. Other notable investors in the round include Lightshift and Chorus One.
- The most prominent hacks are bridge hacks, yet bridges remain critical infrastructure for almost all projects, showing the need for better, more resilient products.
- The advent of Union represents a watershed moment for the entire crypto industry: trust-minimized interoperability between Ethereum and IBC-connected blockchains.
- CometBLS, developed by Union Labs, is an augmentation of Tendermint—a core contributor to the Cosmos network—that reduces both state growth and light client verification costs.
- Collectively, these objectives serve as a solid springboard in helping Union Labs achieve its ultimate mission: trustless financial infrastructure.