November 7, 2024
Cytonic, a multi-virtual-machine blockchain solution developed by MultiVM Labs, has completed an $8.3 million seed funding round. The round was co-led by venture capital firms Lattice and Lemniscap, with additional participation from IOBC, Nomura, Lyrik, Public Works, and notable blockchain figure Arthur Hayes. This funding is set to accelerate Cytonic’s mission to address a key issue in the blockchain industry: compatibility across diverse ecosystems.
Cytonic functions as a Layer 1 blockchain that incorporates multiple VMs, including Ethereum’s EVM and Solana’s SVM, enabling them to operate within the same network layer. This structure enhances interoperability, allowing transactions involving various state transition functions (STFs) to be processed within a single transition. Cytonic’s platform facilitates compatibility for projects from EVM and SVM-based networks without requiring extensive adjustments. The platform also supports atomic Cross-VM transactions, making it possible to swap assets like ERC20 and SPL tokens within a single block, minimizing risks of rollback issues and cross-chain vulnerabilities. Cytonic’s approach aims to simplify decentralized application operations and improve user experience across blockchain networks.
Founded by Ivan Miskovic, formerly of Spin Labs, along with co-founders Chelsea, a former Partner at Foresight Ventures, and Badconfig, a former Senior Engineer at Faraway, the Cytonic team brings significant experience from blockchain projects like Bitcoin, Ethereum, and Solana. Together, they seek to overcome interoperability obstacles and facilitate broader adoption by supporting liquidity and horizontal scaling in cross-chain environments.
About Cytonic
Cytonic is a multi-virtual-machine blockchain platform working to integrate networks such as Bitcoin, Ethereum, and Solana into a single Layer 1 blockchain solution. By connecting decentralized ecosystems, Cytonic aims to enhance accessibility for users and developers across various blockchain networks.
Website: https://www.cytonic.com/
X: @cytonic_com
About Investors
Lattice
Lattice is a venture capital firm that supports early-stage blockchain and Web3 projects, aiming to drive the growth of decentralized technologies.
Location: New York
Website: https://www.lattice.fund/
Lemniscap
Lemniscap is an investment firm focused on early-stage ventures in the digital asset ecosystem. Dedicated to fostering blockchain innovation, Lemniscap collaborates with companies bringing new solutions to the blockchain landscape.
Location: George Town, Kentucky
Website: https://lemniscap.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments