Cytonic Secures $8.3 Million Seed Funding to Solve Blockchain Compatibility

Cytonic Secures $8.3 Million Seed Funding to Solve Blockchain Compatibility

Benzinga
November 7, 2024

ROAD TOWN, British Virgin Islands, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Cytonic, the world's first multi-virtual-machine blockchain, today announced it has raised $8.3 million in a seed funding round co-led by Lattice and Lemniscap, with participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes and other notable investors.

Developed by MultiVM Labs, Cytonic is a decentralized execution layer that tackles one of the blockchain industry's most pressing challenges: compatibility. As fragmentation across multiple chains continues to grow, developers and users face increasing barriers that limit the full potential of blockchain technology. Cytonic introduces the first Layer 1 blockchain capable of running multiple virtual machines within the same network layer while using shared storage. This breakthrough allows transactions involving different state transition functions (STFs) to be processed together within a single state transition. Currently, Cytonic is designed to be identical to both Ethereum and Solana, enabling all existing tooling, wallets, and decentralized applications (dApps) that operate on EVM and SVM chains to function seamlessly on Cytonic.

Cytonic minimizes transaction fees and reduces waiting times for moving assets between chains, making decentralized applications more accessible and user-friendly. On the Cytonic blockchain, users can swap assets across different VMs atomically without rollback issues or cross-chain vulnerabilities.

For example, users can swap Base tokens (ERC20) for Solana tokens (SPL) within the ...

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