Hyperlane, which helps developers connect apps across blockchains, raised $18.5million in a seed round led by Variant, a crypto-focused investment firm. Developers can connect their applications across multiple blockchains with the help of this platform.
Jon Kol, Hyperlane’s co-founder, said in an email that the funding would be used to hire, product development, and security. This includes bug bounties, additional audits, and more.
The round also included crypto financial services company Galaxy Digital, CoinFund and Circle, Figment Block daemon Ventures, Kraken Ventures and NFX.
Hyperlane co-founder wants cross platform connectivity
Kol stated that the current state of crypto was fragmented due to the proliferation of applications and blockchains. However, users can access applications on one blockchain but not another. He said that the user experience is confusing and complicated, which many people, including crypto veterans, find cumbersome.
According to a Chainalysis report last week, security vulnerabilities in cross-chain connections led to $2 billion in cryptocurrency losses.
Kol pointed out that Hyperlane has completed security audits. Additional security efforts will also be made with the new funds.
Hyperlane provides developers with an API and SDK for messaging applications programming. This allows them to quickly create apps that can be accessed on any blockchain. Hyperlane is continuing to improve the platform by adding the newly launched Interchain Accounts as well as the Sovereign Consensus feature. These features expand the possibilities for developers to configure cross-chain communication.
Asa Oines, Nam Chu Hoai and Kol co-founded Hyperlane. They were the first engineers to use Celo’s decentralized finance platform. Kol was previously responsible for Galaxy’s venture capital business. The company is based in Greenwich Connecticut.
NFX partner Morgan Beller is the co-creator Facebook’s tried stablecoin Diem. Zaki Manian, co-creator Cosmos blockchain, are among the advisors.