- Ahead of its mainnet launch, Particle Network has raised $15 million in a Series A fundraising round.
- Pengyu Wang, the CEO and founder of Particle said that the round was set up as a straightforward arrangement for future tokens.
Particle Network, a modular blockchain developer focused on chain abstraction technology, has raised $15 million in a Series A funding round.
The Spartan Group and Gumi Cryptos Capital co-led the round, according to Particle Network, with involvement from HashKey Capital, Flow Traders, Morningstar Ventures, SevenX Ventures, and other investors.
After raising $10 million in three investment rounds prior, Particle now has $25 million in total cash thanks to the Series A round.
Particle Network: What Is It?
With a focus on chain abstraction technology, Particle Network is a modular Layer 1 blockchain that streamlines user and developer experiences.
Universal accounts, which let users use money from any chain to conduct transactions across the blockchain ecosystem, are Particle’s main product.
The two fundamental features of universal accounts—universal gas and universal liquidity—allow users to pay for gas or transaction fees with any of their tokens and spend their tokens across any chain.
Developers may onboard users from anywhere in the ecosystem with universal accounts, eliminating the need for users to bridge or manually maintain accounts across chains, according to Wang.
Particle Network, which is presently in testnet phase 1, states that it has registered over 114 million transactions and almost 1.3 million universal accounts to date.
Wang stated that Particle Network is constructed with the Cosmos SDK and is Ethereum Virtual Machine compatible with Berachain’s BeaconKit framework.
NEAR and Polygon’s AggLayer are among Particle’s main rivals, according to NEAR’s chain signatures and chain unification technologies, respectively.
Although Particle’s current focus is on chain abstraction, the company originally offered wallet abstraction technology, which allowed developers to onboard customers using social logins as an alternative to conventional cryptocurrency wallets.
Over 900 decentralized apps have included Particle’s wallet abstraction technology, according to the company, protecting user assets valued at over $2 billion.
Mainnet deployment of Particle Network and Token
According to Wang, Particle Network’s mainnet debut is slated for the third quarter of this year, and the testnet phase 2 launch is anticipated to occur this week.
Wang also mentioned that the Particle token, PARTI, will launch concurrently with the mainnet.
With new funding in place, Particle hopes to grow from its existing staff of over thirty to over forty members, according to Wang, who also mentioned that the project is searching for positions in operations and engineering.
According to Wang, Particle intends to use its chain abstraction technology to onboard additional developers, public blockchains, and decentralized applications. The project also aims to expand its community through marketing campaigns.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
