OneBalance, a fintech company specializing in cross-chain infrastructure development, recently closed its Series A financing round with an impressive $20 million haul. This newest round of financing puts the firm’s total raised capital at $25 million.
The significant Series A raise was led by Cyber Fund and Blockchain Capital. Additional contributions were made by Mirana Ventures and L2IV, bolstering the overall funding OneBalance secured. Following the successful capital raise, OneBalance also added to its board of directors. Blockchain Capital’s reputable General Partner, Spencer Bogart, joined the board, a strategic move that will undoubtedly enhance OneBalance’s decision-making and strategic planning.
The Vision and Mission of OneBalance
OneBalance has an innovative vision for improving the user experience with web3 products through its groundbreaking product, the cross-chain integration Toolkit. The Toolkit enhances the seamless execution of cross-chain transactions for users. It achieves this by enabling the smooth transfer of assets or the garnering of yield, without making users keep an eye on bridges or gas fees. This exceptional convenience makes the Toolkit a unique tool for developers who are keen on improving the web3 user experience.
The substantial $20 million funding derived from the Series A round is expected to play a pivotal role in facilitating OneBalance’s operational expansion. The cross-chain infrastructure development firm plans to increase its workforce and broaden the functionality of its Toolkit product as it seeks to revolutionize the world of web3 experiences.
The Need for Stablecoins and Greater Onchain Efficiency
OneBalance’s CEO, Stephane Gosselin, notes how stablecoins are rapidly replacing traditional bank accounts. This shift that has brought millions of users onchain. He points out that the users expect delightful experiences, with simple one-click transactions across any chain, any action, and any token. They do not want to navigate a complex maze of chains, wallets, and bridges, Gosselin added.
As such, OneBalance’s ensuring that its product offers unmatched speed, reliability, cost, and convenience is imperative. The product is being developed with careful attention to avoid the common status quo of retail extractable value.
OneBalance’s Leadership and Previous Funding
The gambit of OneBalance’s success and innovation is also reflected in its leadership. CEO Stephane Gosselin has a noteworthy background within the industry having co-founded Flashbots, an organization devoted to mitigating the harmful effects of maximum extractible value (MEV) on blockchain technology. Other key team members include Daniel Worsley, the COO and former operations lead at Flashbots, and Ankit Chiplunkar, the CTO and former Coinbase smart contract engineer.
Prior to the noteworthy Series A funding, OneBalance had secured $5 million in seed funding in June 2024. The seed funding round featured contributions from notable players like Consensys, Wintermute, and Cobie among others. Yet, the recently completed Series A round hints at an even brighter future for OneBalance, given the high growth potential that the additional funding provides.
All information provided in this blog post is for informational purposes only. Nothing herein should be taken as investment, legal, tax, financial, or any other form of advice.
