Layer 1 project Initia emerges from stealth with a pre-seed investment from Binance Labs
A gaggle of builders engaged on a Layer 1 community Initia transitioned from stealth mode right this moment, securing a pre-seed funding from Binance Labs, the enterprise capital and incubation arm of the crypto trade Binance.
With the newly raised capital, the event crew behind Initia goals to allow builders to construct Layer 2 scaling options which are interconnected with one another. The crew didn’t disclose the funding quantity from Binance Labs.
Initia will function as a Layer 1 and host scalable application-specific Layer 2s developed utilizing optimistic rollup expertise. The Layer 1 Initia may even facilitate cross-chain interactions between these rollups.
“We’re thrilled to have Binance Labs as an early companion to speed up the expansion of Initia’s extremely performant hub and bespoke blockchain platform. In collaboration with Binance Labs, Initia goals to underpin an interconnected ecosystem of functions whereas concurrently aligning the financial pursuits of all L1/2 customers and operators,” stated Stan Liu, a core contributor to Initia.
Initia will use the Transfer programming language
Though it’s developed with the Cosmos software program growth package (SDK), Initia will leverage a computing framework named MoveVM, primarily based on the Transfer sensible contracting language. The Transfer language isn’t unique to Initia. Different Layer 1 chains, together with Aptos and Sui, have additionally adopted it.
The mission stays within the growth section on a testnet. Initia builders stated they’ve deliberate partnerships with different notable crypto initiatives, together with Binance Labs portfolio firms and recreation publishers that shall be revealed within the coming months.
