Chain Abstraction Pioneer Particle Network Raises $15 Million

Chain Abstraction Pioneer Particle Network Raises $15 Million

Particle Network, a modular blockchain developer specializing in chain abstraction technology, has successfully raised $15 million in a Series A funding round. The round was structured as a simple agreement for future tokens (SAFT), according to founder and CEO Pengyu Wang.

The funding round was co-led by The Spartan Group and Gumi Cryptos Capital, with additional participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, among others. The company began raising funds for this round in March and concluded it last month, bringing Particle’s total funding to $25 million, having previously raised $10 million across three rounds.

Particle Network is a modular Layer 1 blockchain focused on simplifying developer and user experiences through chain abstraction technology. The network’s primary feature is “universal accounts,” which enable users to transact across the blockchain ecosystem using funds from any chain. This is facilitated by “universal liquidity and universal gas,” allowing users to spend their tokens and pay for transaction fees using any of their tokens.

According to Wang, “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.”

Currently in its first testnet phase, Particle Network has registered around 1.3 million universal accounts and processed over 114 million transactions. The blockchain is built using the Cosmos SDK and is Ethereum Virtual Machine-compatible, utilizing Berachain’s BeaconKit framework. Key competitors include NEAR and Polygon’s AggLayer, which offer similar chain unification technologies.

Initially, Particle’s focus was on wallet abstraction technology, enabling developers to onboard users via social logins instead of traditional crypto wallets. This technology has been integrated by over 900 decentralized applications, securing more than $2 billion in user assets.

The second phase of Particle Network’s testnet is expected to launch this week, with the mainnet launch scheduled for the third quarter of this year. Alongside the mainnet, Particle will also launch its token, PARTI.

With the new funding, Particle Network aims to expand its team from over 30 to more than 40 members, particularly in engineering and operations. The project also plans to onboard more developers, public blockchains, and decentralized applications utilizing its chain abstraction technology, while growing its community through various marketing initiatives.

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