t3rn Raises $6.5M in a Strategic Funding Round Led By Polychain Capital
NEWS RELEASE BY T3RN
Berlin, Germany | November 25, 2022 06:08 AM Eastern Standard Time
t3rn, the next-generation fail-safe multichain protocol, raised $6.5m in a strategic funding round led by Polychain Capital, the world’s 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 means that transactions across multiple blockchains can and should be as easy and safe as those on a single chain. t3rn supports this new paradigm in cross-chain programming. 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. “t3rn is building an expressive protocol for generalizable function calls across different chains – an ambitious undertaking that will unlock new behaviors for crypto builders and users.”
“It's one thing to say we need interoperability across blockchains and another to actually build it,” said Ken Seiff, Managing Partner of Blockchange Ventures. “t3rn is actually doing it. 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 today’s multi-blockchain environment, the need for smart contract interoperability has never been more pronounced. At Lemniscap, we’re particularly excited about driving the development of multichain solutions and cross-chain interoperability. As frontrunners in the space, t3rn is greatly extending the accessibility to multiple decentralized applications, enabling developers to seamlessly create cross-chain applications.”
t3rn enables fail-safe smart contract interoperability, no matter how many different blockchains are involved, with the simplicity of an SDK. And unlike bridges, t3rn enables multi-step transactions to be composed across different chains under a single call.
The protocol is also announcing the completion of its second grant from the Web3 Foundation, 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.
t3rn’s 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. Welcome to the new generation of multichain composability.
For more information, please visit www.t3rn.io
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