Funding Success: How Virtual Labs Raised $1.2 Million
In a groundbreaking move that’s making ripples throughout the blockchain community, Virtual Labs has raised an impressive $1.2 million in pre-seed funding. The funding round, led by OP Crypto, attracted a diverse group of supporters including Byzantine Marine, Koyamaki Ventures, the NEAR Foundation, and many eager individual angel investors. With this capital injection, the cryptographic protocol’s valuation has soared to a remarkable $20 million.
The Visionary Behind Virtual Labs
At the helm of this innovative startup is 21-year-old José Betancourt, who made headlines not just for his age but also for his bold decision to leave the esteemed halls of Yale to focus on building Virtual Labs. Accompanying him on this exhilarating journey is Dr. Alexander Atamanov, a cryptography Ph.D., together with a stellar team of global talent hailing from prestigious institutions like Composable Finance and Harvard.
Eliminating Barriers in Web3
Virtual Labs is on a mission to make Web3 accessible by tackling the pesky issues of gas fees, latency, and complicated wallet interactions. Betancourt believes that true mainstream adoption of blockchain technology hinges on making it invisible to the end-user. He stated,
“Our goal is to empower engineers to focus on creating fun and practical apps, while we manage the cryptographic complexities behind the scenes.”
The Power of Virtual Rollups
Virtual Labs’ flagship offering, Virtual Rollups, boasts a ZK state channel that supports an unlimited number of transactions from countless participants. These rollups operate on a lightning-fast peer-to-peer network that leaves traditional blockchains and centralized servers eating its dust. Furthermore, it utilizes user-verified data to achieve Byzantine fault tolerance, raising the security level to new heights.
Bridging the Gap for Seamless User Experience
Using the newly acquired funding, Virtual Labs is set to roll out the Virtual Bridge, which aims to revolutionize the bridging process in the crypto space. Historically, bridging has been a nightmare known for its fees and security exploits. The Virtual Bridge aims to alleviate these problems by seamlessly enabling transactions between different chains without burdening users with unnecessary complexities.
Looking Ahead: Upcoming Events and Collaborations
In a bid to further promote blockchain innovation, Virtual Labs has teamed up with Manta Network and Yale Blockchain to host the Workable Web3 Summit during Devconnect in Istanbul. An event where those interested in integrating Virtual Rollups and the upcoming Virtual Bridge can learn more. Buckle up, folks—Web3 is about to get a serious upgrade!
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