t3rn announces $6.5M Strategic Investment Round
Bear market or not, builders will ‘buidl’. We are thrilled to announce that t3rn raised $6.5m in a strategic funding round led by Polychain Capital, the world’s premier digital asset investment fund, with participation from 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 is multichain, and we are proud to be building it
"The future of Web3 is multichain," said Maciej Baj, t3rn Founder and Chief Technology Officer. "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 build it,” said Ken Seiff, Managing Partner of Blockchange Ventures. “t3rn is doing it. They are enabling the future where smart contracts can 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, t3rn greatly extends the accessibility to multiple decentralized applications, enabling developers to seamlessly create cross-chain applications.”
What's next for t3rn?
The funding from this round will be used to expand our team and continue the technical development of the protocol. In addition, we plan to use the funds to build out our developer onboarding program so that more developers can start building on the protocol.
Since its inception, t3rn has been supporting the development of the Polkadot ecosystem and has been part of the Substrate Builders Program.
We are also announcing the completion of our second grant from the Web3 Foundation to further develop XBI – an innovative XCM-based standard for smart contract communication.
Jacob Kowalewski, t3rn’s Chief Strategy Officer, 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 hacks and exploits hinder multichain solutions, 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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