A Breakthrough Funding Round
In a stunning display of confidence in the future of blockchain technology, Virtual Labs, the innovative startup, has successfully secured a whopping $1.2 million in pre-seed funding. This funding round, led by OP Crypto and joined by the esteemed Byzantine Marine, Koyamaki Ventures, and the NEAR Foundation, elevates Virtual Labs to a valuation of $20 million. And to think that just a few years ago, the only thing being raised was the collective eyebrow of skeptics!
Meet the Team
Leading the charge is none other than 21-year-old wonder kid, José Betancourt, who decided that attending Yale was overrated compared to launching a revolutionary startup. He’s like the Elon Musk of cryptography, if Elon spent his days perfecting state channels instead of launching rockets. Alongside José is Dr. Alexander Atamanov, a Ph.D. in cryptography—because who better to secure transactions than a Ph.D.?
Zero Fees, Zero Friction
Virtual Labs is on a mission to make Web3 as user-friendly as a Sunday morning brunch—it’s all about tearing down those pesky hurdles like gas fees, latency, and wallet hassles. Betancourt envisions a future where blockchain magic happens seamlessly, ideally without users even realizing it’s there. As he puts it:
“Mainstream adoption will only occur when regular people do not realize that the blockchain is powering their applications.”
Enter Virtual Rollups
The crown jewel of Virtual Labs’ technology is the Virtual Rollups, a ZK state channel that allows unlimited transactions amongst a limitless pool of participants. Think of it as the friendly neighborhood Spiderman of transactions—fast, secure, and able to leap hurdles in a single bound. In fact, these Rollups are so speedy, they’re leaving traditional blockchains and centralized servers in the dust.
The Future of Gaming and Transactions
With a keen eye on crushing latency issues, Virtual Labs is set to reinvent online gaming, promising a Fully Onchain Gaming experience with all the smoothness of a Web2 app. The startup is currently supporting 13 chains and has already saved a staggering 100,000 minutes of waiting time on its Polygon testnet. It seems their technology has become quite the time traveler!
Bridging the Gap with the Virtual Bridge
Thanks to the recent funding, Virtual Labs is gearing up to launch the Virtual Bridge, an innovative tool designed to transform crypto transactions. Say goodbye to the endless hassles of switching between chains! With this SDK, users will soon be able to access dApps on multiple chains all while enjoying a seamless experience. Scheduled to launch in November, this tool aims to eliminate transaction glitches with the power of atomic swaps, allowing users to interact across platforms without even needing to break a sweat.
Collaboration for Innovation
Encouraging blockchain innovation is part of Virtual Labs’ DNA. The startup is joining forces with Manta Network and Yale Blockchain to host the Workable Web3 Summit at Devconnect in Istanbul. Who needs vacation when you can network with the best in the biz? This summit will surely be a melting pot of ideas and collaboration that aims to push the boundaries of what’s possible in crypto.
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