Union Labs Raises $12M Series A Funding to Connect Cosmos, Ethereum, and Bitcoin Networks
Union Labs, a company focused on web3 technology, has successfully raised $12 million in a Series A funding round. This funding round was co-led by Gumi Cryptos Capital and Longhash Ventures and included participation from Borderless Capital and various angel investors from communities such as Polygon, Celestia, Movement, and Berachain.
The company plans to use this new capital to expand its core teams, further integrate partners, and drive growth within its ecosystem. Union Labs is known for its innovative modular, zero-knowledge proof-based interoperability technology, which simplifies the transfer of assets between the Ethereum and Cosmos ecosystems.
In addition to the recent funding round, Union Labs has exciting plans in the pipeline. The company is set to launch the mainnet for its interoperability layer in early 2025. This interoperability layer aims to bridge the gap between different blockchain ecosystems, providing a seamless experience for users.
Union Labs is also making strides in integrating with other prominent blockchain platforms. Recently, the company announced plans to integrate Polygon’s AggLayer and Cosmos’ Inter-Blockchain Communication (IBC) protocol. Additionally, Union Labs aims to connect its interoperability layer to Bitcoin, enhancing DeFi capabilities on the Bitcoin network.
Karel Kubat, the founder of Union Labs, expressed enthusiasm about the company’s growth and the potential for secure and seamless interoperability within the web3 space. He emphasized the team’s commitment to reducing fragmentation and enhancing the overall user experience.
Looking ahead, Union Labs has ambitious plans to expand its product offerings to include integration with Solana, Berachain, Celestia, Avalanche, and more. The company’s vision is to create a more interconnected and secure multichain ecosystem for decentralized finance (DeFi) activities.
Overall, Union Labs’ recent funding success and innovative developments position the company as a key player in the evolving web3 landscape. With a focus on interoperability, security, and user experience, Union Labs is paving the way for a more interconnected and user-friendly blockchain ecosystem.
