Cytonic, a Road Town, British Virgin Islands-based multi-virtual-machine blockchain company, raised $8.3M in Seed funding.
The round was led by Lattice and Lemniscap, with participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes and other investors.
The company intends to use the funds to expand operations and its development efforts.
Developed by MultiVM Labs, and founded by Ivan Miskovic, Cytonic is a decentralized execution layer that introduces a blockchain capable of running multiple virtual machines within the same network layer while using shared storage. This allows transactions involving different state transition functions (STFs) to be processed together within a single state transition. Currently, Cytonic is designed to be identical to both Ethereum and Solana, enabling all existing tooling, wallets, and decentralized applications (dApps) that operate on EVM and SVM chains to function seamlessly on Cytonic.
Cytonic minimizes transaction fees and reduces waiting times for moving assets between chains, making decentralized applications more accessible and user-friendly. On the Cytonic blockchain, users can swap assets across different VMs atomically without rollback issues or cross-chain vulnerabilities.
FinSMEs
07/11/2024