Cyber Fund and Blockchain Capital lead $20 million Series A for cross-chain firm OneBalance
Quick Take
- OneBalance has now raised $25 million in funding to date.
- The firm intends to use its Series A financing to increase its employee headcount and to expand the functionality of its Toolkit product.
The cross-chain infrastructure development firm OneBalance raised $20 million in Series A financing, bringing its total funding to date to $25 million.
Cyber Fund and Blockchain Capital led the round, which saw additional support from Mirana Ventures and L2IV. As part of the investment, Blockchain Capital general partner Spencer Bogart has joined OneBalance’s board of directors, the company confirmed to The Block.
OneBalance aims to improve the user experience of web3 products through its cross-chain integration product, Toolkit. The product allows developers to enable seamless cross-chain transactions for users — such as transferring assets or earning yield — without requiring them to monitor bridges or gas fees. The firm plans to use its $20 million financing to increase its employee headcount and to expand the functionality of its Toolkit product.
"Stablecoins are quickly replacing bank accounts and bringing millions of users onchain. They expect delightful experiences, not a maze of chains, wallets, bridges to navigate through to complete the most basic actions," OneBalance CEO and co-founder Stephane Gosselin said in a statement. "OneBalance fixes this by offering simple one-click experiences for any chain, any action and any token with unmatched speed, reliability, and cost. We've rethought blockchain development from the node up to maximize value creation for users instead of the status quo of retail extractable value."
OneBalance's leadership includes its co-founder and CEO, Stephane Gosselin, who also co-founded Flashbots, a research and development organization aiming to mitigate the deleterious effects of maximum extractible value (MEV) on blockchain technology. Daniel Worsley, the former operations lead at Flashbots, now serves as OneBalance's COO, and Ankit Chiplunkar, a former Coinbase smart contract engineer, is OneBalance's CTO.
In June 2024, OneBalance raised $5 million in seed funding with participation from Consensys, Wintermute, Cobie, and others.
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