OneBalance, a developer platform for multichain applications, has successfully closed a $20 million Series A funding round aimed at streamlining the cryptocurrency user experience (UX) for developers and fintech firms.
The investment round was led by cyber•Fund, with participation from Blockchain Capital, Bybit’s Mirana Ventures, and L2IV.
Founded by an ex-Coinbase engineer and core contributors from Flashbots, OneBalance is focused on addressing the crypto industry’s fragmented UX through its Toolkit technology. The platform claims to enable users to transfer assets, swap tokens, or earn yield in a single click, abstracting away underlying network complexities, bridging processes, and gas fees.
“Developers integrating via the Toolkit can generate revenue directly through configurable transaction fees, which are bundled into a single abstracted payment,” Daniel Worsley, co-founder and COO of OneBalance, stated via Cointelegraph.
He further noted that this approach delivers benefits such as “faster execution, higher conversion, and better capital efficiency.”
OneBalance’s Toolkit has achieved notable success with native Bitcoin-to-Ethereum Virtual Machine (EVM) swaps, with support for Solana and other major blockchains expected in the coming weeks.
OneBalance Introduces Resource Locks for Safer Bridging
Introduced early in 2024, the Resource Lock feature facilitates secure cross-chain transactions through asynchronous block-to-block execution. It prevents double-spending by embedding signing and sequencing directly within the transaction protocol.
“Resource Lock allows users to lock funds across chains with a single cryptographic intent – no pre-bridging required,” Worsley explained.
“Combined with balance aggregation capabilities, it allows users to manage funds dispersed across various chains without the necessity of bridging beforehand,” he added.
Unlike traditional blockchain bridges, the Resource Lock mechanism eliminates centralized vaults and pooled assets, thereby reducing exposure to vulnerabilities seen in previous hacks.
In February 2022, attackers stole $600 million from the Ronin Bridge supporting the Axie Infinity game by compromising its multisig setup, an incident that inspired solutions like OneBalance’s Resource Locking.
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