The Series A round is being led by cryptocurrency financing firm 1kx.
Cryptography network Lit Protocol has raised $13 Million in a series A round led by cryptocurrency financing firm 1kx to hire developers creating a decentralized ownership and interoperability across protocols, the company announced Thursday.
Lit intends to give individuals agency within Web 3.0 ecosystems by giving users a private key that is interoperable across (DeFi) (DeFi), decentralized autonomous organizations (DAO) and non-fungible crypto tokens (NFT) on Ethereum (ETH) Virtual Machine (EVM), Cosmos and Solana (SOL) chains. Lit protocol founder David Sneider stated users will have greater security and autonomy over their data and digital assets.
The demand for cross-chain interoperability has been on the boost this past year. In August, a few Solana-based projects teamed up to create the Open Chat Alliance, an interoperable messaging platform. In April, decentralized social graph protocol CyberConnect raised $15 Million to build out a platform to make data interoperable across platforms.
Lit is continuing to make strides in the cryptocurrency space by releasing programmable Key Pairs, a feature that works with its encryption service to assist users custody their own keys to build interoperable apps. “We’re starting to see applications and imagine a future where you have automated agents as it relates to how your data and finances are treated, ” stated Sneider.
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