Quick take:

  • The token round was structured as a simple agreement for future tokens (SAFT).

  • The company is building a chain abstraction layer that simplifies developer and user experiences.

  • Its Universal Accounts product enables users to use funds from any chain and transact across any network.

Particle Network has completed a $15 million token round co-led by The Spartan Group and Gumi Cryptos Capital. The Series A round also attracted participation from SevenX Ventures, Morningstar Ventures, Flow Traders and HashKey Capital. The company also boasts backing from the likes of Animoca Ventures, LongHash Ventures, and Alibaba Group.

The round was structured as a simple agreement for future tokens, Particle Network founder and CEO Pengyu Wang told The Block. The fundraising brings the total raised to $25 million following $10 million secured across multiple rounds.

The company plans to use the fresh capital to expand its team of 30 to about 40, with a key focus on engineering and operations teams.

Particle is developing a blockchain abstraction layer that simplifies the experiences for both developers and users. One of the modular blockchain company’s products, Universal Accounts allows users to use funds from any blockchain across networks.

Universal Accounts also enable users to leverage the power of “Universal Liquidity” and “Universal Gas” thus allowing them to spend their tokens across any chain and pay for the gas and transaction fees using any of their token holdings.

“With universal accounts, users no longer need to bridge or manually manage accounts across chains, and developers can onboard users from anywhere in the ecosystem,” Wang said.

While still only in testnet phase I, Particle Network claims to already have 1.3 million universal account registrations and over 114 million transactions.

The platform is created using the Cosmos SDK and leverages Berachain’s BeaconKit framework for EVM compatibility.

This announcement comes ahead of Particle’s planned testnet phase 2 launch, this week, while its mainnet launch is scheduled for the third quarter of 2024. The mainnet launch will be accompanied by Particle’s PARTI token launch, Wang said.

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The post Particle Network Secures $15M Series A For Its Chain Abstraction Layer appeared first on NFTgators .