June 20, 2024
Particle Network, a developer specializing in modular blockchain and chain abstraction technology, has successfully secured $15 million in a Series A funding round. The round was jointly led by The Spartan Group and Gumi Cryptos Capital, with additional participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, among others, as announced by Particle Network on Thursday.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Particle Network | $15M | June 20, 2024 | Series A | $25M | The Spartan Group, Gumi Cryptos Capital | Layer 1 |
Particle’s founder and CEO, Pengyu Wang, revealed that the fundraising for the Series A round commenced in March and concluded last month. The round was organized as a Simple Agreement for Future Tokens (SAFT), Wang added, while choosing not to disclose the valuation.
With the completion of the Series A round, Particle’s cumulative funding now stands at $25 million, considering the $10 million it had previously amassed over three separate funding rounds.
About Particle Network
Particle Network, a Layer 1 blockchain that is modular in nature, is centered on chain abstraction technology. This technology aims to streamline the experiences of both developers and users.
The primary feature of Particle is the “universal accounts.” These accounts empower users to utilize funds from any chain for transactions throughout the blockchain network. Two fundamental functionalities back these universal accounts — “universal liquidity and universal gas.” These functionalities allow users to expend their tokens on any chain and cover gas or transaction costs with any of their tokens.
According to Wang, “universal accounts” eliminate the need for users to bridge or manually handle accounts across chains. Moreover, they enable developers to onboard users from any part of the ecosystem.
Currently, Particle Network is in the first phase of its testnet and reports to have already registered approximately 1.3 million universal accounts and processed over 114 million transactions.
Website: https://particle.network/
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About Investor
The round was jointly led by The Spartan Group and Gumi Cryptos Capital.
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