Key Points:Orb Labs raised $4.5 million in seed round under the direction of Bain Capital’s crypto arm.
Orb Labs has developed Earlybird, a cross chain communications protocol that allows developers to choose the right security model for their application based on speed and cost.
The company is also developing MagicLane (an Earlybird-based messaging system and token network).
Bain Capital’s cryptocurrency division sponsored a seed round for Orb Labs. This startup, which aims to enable blockchains to communicate with each other, was unveiled in a press release. It raised $4.5 million in a round that included additional investors Shima Capital and Modular Capital. The company has two products: MagicLane is an effective, safe and comprehensible omnichain token, and messaging platform built upon Earlybird. This cross-chain messaging protocol is more than 10x cheaper than other protocols and offers unmatched security in the interoperability area. In a statement, Richard Adjei, co-founder of Orb Labs, stated that the two products will be available in the coming months.
“Our team is excited about the next wave in blockchain interoperability. We provide gas-efficient, fast and trust-minimized messaging protocols that are fast and reliable. Orb Labs is a company that we believe has the potential to set the standard for messaging, token transfers and advanced interoperation among blockchains. We look forward to working towards our goal of unlocking the full potential the blockchain ecosystem.
Developers may now be able to create a wide range of goods using Orb Labs’ protocols. The company is already in contact with a number of DeFi, L1/L2 developers, and other developers that are looking into using Earlybird and MagicLane to link their disparate communities and enhance the security and usability of their services.According to the company, the money from the current round will be used to grow the staff, speed up product development, and conduct security checks before the launch.The company is presently searching for positions in its teams for partnerships, integrations, business development, marketing, and community management.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: Bain Capital CryptoDeFiEarlybirdMagicLaneOrb Labs