Emerging from Stealth, Initia Secures Pre-Seed Investment from Binance Labs for Layer 1 Project

A New Layer 1 Network, Initia, Receives Pre-Seed Investment from Binance Labs

A group of developers working on a Layer 1 network called Initia has come out of stealth mode and secured a pre-seed investment from Binance Labs. Binance Labs is the venture capital and incubation arm of the popular crypto exchange, Binance. The investment amount has not been disclosed by the development team behind Initia.

Building Layer 2 Scaling Solutions with Interconnectivity

The goal of Initia is to enable developers to build Layer 2 scaling solutions that are interconnected with each other. With the raised capital, Initia plans to operate as a Layer 1 network and host application-specific Layer 2s developed using optimistic rollup technology. This will also facilitate cross-chain interactions between these rollups.

Collaboration with Binance Labs

Stan Liu, a core contributor to Initia, expressed excitement about partnering with Binance Labs. The collaboration aims to accelerate the growth of Initia’s hub and bespoke blockchain platform while aligning the economic interests of all L1/2 users and operators.

Move Programming Language and Development Plans

Initia will utilize the Move programming language and MoveVM computing framework for its development. Other Layer 1 chains such as Aptos and Sui have also adopted this language. Currently in the development phase on a testnet, Initia has planned partnerships with other notable crypto projects, including companies from the Binance Labs portfolio and game publishers.

Hot Take: Enabling Interconnected Scalability with Pre-Seed Investment

A new Layer 1 network called Initia has received a pre-seed investment from Binance Labs, allowing its development team to build interconnected Layer 2 scaling solutions. By utilizing the Move programming language and MoveVM computing framework, Initia aims to create a hub for scalable application-specific Layer 2s. This collaboration with Binance Labs and planned partnerships with other crypto projects position Initia for growth and innovation in the blockchain ecosystem.