Orb Labs raises $4.5M seed led by Bain Capital Crypto to solve blockchain interoperability once and for all
Gas efficient, secure and configurable protocol for the next wave of Web3 products
Seed round led by Bain Capital Crypto, with participation from Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital and SevenX Ventures
NEW YORK, Feb. 14, 2023–(BUSINESS WIRE)–Orb Labs, a blockchain interoperability company, is pleased to announce its $4.5 million seed round led by Bain Capital Crypto with participation from Shima Capital, 6th Man Ventures, Aves Lair, Newman Capital, Modular Capital and SevenX Ventures.
Blockchain interoperability is at the heart of the crypto ecosystem, enabling developers to create powerful new products and services that take advantage of multiple blockchains at the same time. However, existing interoperability protocols are either too expensive, slow or not secure. Founded in 2022 by highly experienced software engineers, seven-year crypto veterans, and Princeton University classmates Richard Adjei and Felix Madutsa, Orb Labs is working to change that. Through its best-in-class blockchain interoperability solution, Orb Labs prioritizes efficiency and security, qualities that are critical for developers building user-friendly cross-chain applications.
To pursue this mission, the company plans to launch Earlybird, a cross-chain messaging protocol that is more than 10 times cheaper than other protocols while offering a level of security unmatched in the field of interoperability. The protocol is versatile, allowing developers to choose security models that make sense for their applications based on factors such as use case, cost, and speed. Developers can use low-trust systems with extremely high levels of security, or use lightweight systems that prioritize speed and cost. The company is also working on another product, MagicLane, an efficient, secure and composable omnichain token and messaging platform based on Earlybird. MagicLane provides developers with a common security model and makes Earlybird easier to use by abstracting security configurations.
The story goes on
“In recent years there have been many exciting ventures and technological advances in the field of cross-chain interoperability. However, none of them offer a great solution to the problem of blockchain interoperability. Currently, developers are unable to find messaging protocols that push the boundaries of usability and security,” said Richard Adjei, co-founder of Orb Labs. “Our team looks forward to driving the next wave of blockchain interoperability by It provides gas-efficient, fast, and low-trust messaging protocols. We believe Orb Labs has the potential to create the new standard for messaging, token transfers, and enhanced interoperation between blockchains, and we look forward to continuing on with our mission working to realize the full potential of the blockchain ecosystem.”
Orb Labs protocols allow developers to create a wide range of products that were previously not possible. For example, DeFi developers can build cross-chain exchanges that are more than 40% cheaper to use on Ethereum than exchanges like Uniswap. The same fee reduction mechanism can be used in all computationally intensive applications on Ethereum, such as B. Lending and yield farming protocols. Similarly, new L1/L2 developers can build robust, zero-trust native bridges that allow users to securely and seamlessly move funds between chains. The company is already in talks with several DeFi, L1/L2 developers and other developers looking for ways to use Earlybird and MagicLane to connect their fragment communities and improve the usability and security of their applications.
“There are currently a number of challenges facing cross-chain developers, and our goal is to provide the tools and resources so developers can focus their energies on building incredible applications that work for both themselves and add value to their customers,” said Felix Madutsa, co-founder of Orb Labs. “Through Orb Labs products, we envision a world where a developer can launch on any chain of their choice and easily access resources, liquidity and users on other chains by providing the most secure, fee-free, fast, and highly configurable messaging protocol.”
In addition to the completion and launch of Earlybird and MagicLane, Orb Labs will use its seed funding to expand its team, accelerate product development, scale its technology capabilities, and conduct security reviews prior to the company’s official launch.
“Orb Labs is a leader in blockchain interoperability and continues to innovate to reduce the current inefficiencies and costs plaguing Web3 developers,” said Lydia Hylton, Partner at Bain Capital Crypto. “Richard, Felix and the team at Orb Labs are well positioned to help developers unlock more value across multiple blockchains and usher in a multi-chain future. We look forward to continuing to support their mission.”
“There is an ever-growing need for multi-chain infrastructure and interoperability before Web3 achieves mass adoption. The first step to addressing this need is building flagship protocols to attract users and foster a growing community,” said Yida Gao, Founder and Managing Director General Partner of Shima Capital. “We believe the Orb Labs team is equipped with the technology, skills and products to take interoperability to the next level, starting with Earlybird and MagicLane. We can’t wait to see their efforts.”
“We are very excited to support Orb Labs in their mission to enable a multi-chain future that is cheaper, safer and significantly more gas and capital efficient,” said Carl Vogel, partner and research director at 6th Man Ventures. “Crypto needs a cross-chain infrastructure that can support mass-market adoption, and we believe Richard and Felix have the right technical experience, ingenuity, and persistence to deliver 10+x improvements in scalability and interoperability to achieve.”
The company is currently hiring in software development, marketing, and community management, as well as partnerships, integrations, and business development teams. To learn more and apply, visit https://orblabs.xyz.
About Orb Labs
Orb Labs creates cross-chain messaging protocols and tools for developers to build cross-chain applications. The company was founded in 2022 to “empower any developer to build accessible and scalable omnichain applications and enable everyone to seamlessly access web3”. To pursue this mission, Orb Labs has developed two standalone products, Earlybird and MagicLane, which will be launched in the coming months. More details https://www.orblabs.xyz/
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