Orb Labs Raises $4.5 Million In Seed Round Led By Bain Capital Crypto

Key Points:

• Orb Labs has raised $4.5 million in a seed round led by the crypto arm of Bain Capital.
• Earlybird, a cross-chain communications protocol developed by Orb Labs, enables developers to select the appropriate security model for their application depending on cost and speed requirements.
• Additionally, the company is developing MagicLane, an Earlybird-based messaging and token network.

In a seed round sponsored by the cryptocurrency division of Bain Capital, a major global investment firm with roughly $160 billion in assets under management, Orb Labs, a recently unveiled startup focused on enabling blockchains to connect with one another, raised $4.5 million.

According to a press statement from the company, Shima Capital, 6th Man Ventures, Modular Capital, and SevenX Ventures are additional investors in the round.

Orb Labs, a blockchain interoperability company founded in 2022, creates tools and protocols that let blockchains talk to one another.

The company has created two products: MagicLane, an effective, safe, and comprehensible omnichain token and messaging platform built on Earlybird, an efficient cross-chain messaging protocol that is more than 10 times cheaper than other protocols while boasting an unmatched level of security in the interoperability space. The two products will be made available in the upcoming months.

Richard Adjei, Co-Founder of Orb Labs, said in a statement:

“Our team is excited to power the next wave of blockchain interoperability by providing gas-efficient, fast, and trust-minimized messaging protocols. We believe Orb Labs has the potential to create the new standard for messaging, token transfers, and advanced interoperation between blockchains, and we look forward to continuing to work towards our mission of unlocking the full potential of the blockchain ecosystem.”

With the use of Orb Labs’ protocols, developers may now create a variety of goods that were previously impossible. The company is already in contact with a number of DeFi, L1/L2 developers, and other developers that are looking into using Earlybird and MagicLane to link their disparate communities and enhance the security and usability of their services.

According to the company, the money from the current round will be used to grow the staff, speed up product development, and conduct security checks before the launch.

The company is presently searching for positions in its teams for partnerships, integrations, business development, marketing, and community management.

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