Blockchain platform t3rn Raises $6.5M
Blockchain startup t3rn, which offers interoperable smart contract execution, raised $6.5 million in a funding round. The largest investor was Polychain Capital.
The major investors who have contributed to the development of the next-generation Polkadot-based protocol include Blockchange Ventures, D1 Ventures, Lemniscap, Huobi Ventures.
We see tremendous potential in our cross-chain technology because it empowers developers to build applications that span many blockchains or use cases"said t3rn founder Maciej Baj.
Itβs one thing to say we need interoperability across blockchains and another to actually build it. t3rn is actually doing it. They are enabling the future where smart contracts can operate seamlessly between chains without being bounded by only one chain or having to rely on risky bridgesadded Ken Seiff, Managing Partner of Blockchange Ventures.
Roderik van der Graaf, founder and managing partner at Lemniscap said:
With so many blockchain projects currently operating in silos, the urgent demand for greater smart contract interoperability has never been more pronounced than it is today. At Lemniscap, weβre most excited about working with t3RN to bring innovative multichain solutions and cross-chain interoperability to fruition.
The t3rn platform allows trustless cross-chain smart contract execution. This technology significantly reduces the risk of exploits for multi-chain transactions. Unlike cross-chain bridges, the t3rn system enables the deployment of multi-step transactions across different chains within a single call.
The major project's goal is to secure blockchain interactions, and to create an ecosystem where developers can deploy compatible smart contracts and get rewards for their work.
The startup was developed with the support of the Web3 Foundation grant program. As a Polkadot parachain, t3rn is aimed at ensuring unique stability and security of its services.
The founders of the blockchain startup said they were incredibly proud to get the support of key blockchain investors. They can now reasonably expect to keep up with other promising projects within the Web3 Foundation.
Since its launch, t3rn has been considered an integral part of the Polkadot network. A new round of funding and participation in the Web3 Foundation Builders Program will expand this collaboration and open up new horizons through technology enhancements.
At this stage of development, the blockchain industry is experiencing numerous hacks and vulnerabilities. To counter this, t3rn provides its platform and guarantees the safety of funds. Jacob Kowalewski, Chief Strategy Officer said:
Weβre constantly working hard on providing security for millions of people and we see ourselves as becoming an important player in securing what could soon become a reality.
