Union Labs Raises $120 Million in Series A… "Connecting Thousands of Blockchains"

Protocol for Interoperability Union Labs

Enhancing Interoperability with Zero-Knowledge Proof Technology

Union Labs, which aims to enhance interoperability using Zero-Knowledge (ZK) proof technology, announced on the 3rd (local time) that it raised $120 million through a Series A funding round. Zero-Knowledge proof allows an individual to verify the truth of specific information to another person without disclosing additional information. This investment was led by Japanese venture capital firm Global Brain, with participation from Borderless Capital, Powersite Ventures, Arteria Accelerator, Eterna Capital, Veris Ventures, Elbeth Labs, TPC Ventures, Kepler Wallet, Disperse Capital, TRGC, Presto Labs, Gate Ventures, Tioga Capital, Age Fund, Celestial Slow Society, Elbus Capital, and others. Additionally, renowned blockchain project founders such as Polygon, Move, Aptos, Ethereum, Solana, Bitcoin, and Abitrum also invested.

This funding is intended to expand Union Labs' core team, strengthen partnerships, and be used for ecosystem growth. Previously, Union Labs raised $40 million through seed investments. Union Labs' project involves multiple industry leaders like Ethereum infrastructure developer ConsenSys, Tokensoft, and Polygon Labs.

Union Labs is developing and operating Union, a cross-chain protocol that allows for the exchange of messages and assets between different blockchains. Union supports fast transactions with high security based on Zero-Knowledge proof technology. Traditional cross-chain communication often had slower speeds and higher risks of fraud, but Union has improved this. Union plans to launch its mainnet early next year.

Union was designed to facilitate asset movement between Ethereum and Cosmos ecosystems, but recently the number of supported blockchains has significantly increased. A Union representative stated, "Union can function as a settlement layer in any environment (between different blockchains)," adding, "Union supports Ethereum Virtual Machine (EVM), Solana Virtual Machine (SVM), Bitcoin Virtual Machine (BitVM), Move Virtual Machine (MoveVM), and alternative Virtual Machines (altVM), allowing for easy expansion with thousands of chains."

Katel Kubat, founder of Union, stated, "This funding will maintain security and (data) ownership in the blockchain ecosystem while enhancing interoperability between platforms," reflecting the team's commitment to their mission. Union plans to continue integrating with various blockchain projects such as Ethereum, Solana, Polygon, Abitrum, Bitcoin Layer2 Network, and others.