Cryptography network litprotocol has raised $13 million in funding to decentralize ownership and interoperability within Web3 ecosystems. camlearnscrypto reports
Cryptography network Lit Protocol has raised $13 million in a Series A round led by crypto investment firm 1kx to hire developers creating a decentralized ownership and interoperability across protocols, the company announced Thursday.
Lit aims to give individuals agency within Web3 ecosystems by giving users a private key that is interoperable across decentralized finance , decentralized autonomous organizations and non-fungible tokens on Ethereum Virtual Machine , Cosmos and Solana chains. Lit protocol founder David Sneider said users will have greater security and autonomy over their data and digital assets.
The demand for cross-chain interoperability has been on the rise this past year. In August, several Solana-based projects teamed up to create the, 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 crypto space by releasing Programmable Key Pairs, a feature that works with its encryption service to help 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, ” said Sneider.
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