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t3rn raises $6.5M as Multichain prepares for the ‘Future of Web3’

Interoperability between smart contracts is becoming increasingly important as the crypto market moves towards a multi-blockchain environment.

Recognizing the need for cross-chain programming, t3rn, a resilient multi-chain platform that allows developers to easily design cross-chain apps, announced the information shared with Finbold on 25th.

Notable participants in this strategic round were Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital, and many other key angel investors and industry leaders.

Specifically, t3rn’s Founder and Chief Technology Officer, Maciej Baj, has said that multichain will be the “future of Web3”.

“This means transactions across multiple blockchains can and should be as easy and secure as transactions on a single chain. t3rn supports this new paradigm in cross-chain programming. This strategic funding round supports the development of our innovative approach to blockchain interoperability.”

Partner at Polychain Capital Ben Perszyk added:

“Interoperability between Layer 1 blockchains and the applications built on top of them will help improve efficiency and liquidity across the ecosystem by reducing fractional pools of liquidity and increasing composability across different execution environments.”

Need for interoperability of blockchain and smart contracts

According to Ken Seiff, Managing Partner of Blockchange, “It’s one thing to say we need interoperability across blockchains and another to actually build it.” He explains that t3rn operates on this idea. Their approach paves the way for a future where smart contracts don’t have to be limited to a single chain or rely on potentially insecure bridges to work.

t3rn enables fail-safe smart contract interoperability with a simple software development kit (SDK), no matter how many different blockchains are used. And unlike bridges, t3rn has multi-step transactions that take place across multiple chains with a single call.

Additionally, t3rn has supported the development of the Polkadot (DOT) ecosystem with interoperable execution and smart contract composability and has been part of the Substrate Builders Program.

In addition, the protocol states that it has completed its second grant from the Web3 Foundation, which was intended to create another XBI, a new XCM-based standard for communicating smart contracts.

Finally, at a time when hacks and vulnerabilities are hampering multichain solutions, t3rn is committed to developing a solution that will become a key component of a secure multichain future.

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