Aurora Labs, an Ethereum-compatible development platform, recently raised $12 million in a new funding round. American crypto-oriented hedge fund Pantera Capital, and early-stage crypto venture firm Electric Capital co-led the equity round. According to Aurora Labs CEO Alex Shevchenko, other notable investors were imToken, and Chronicle.
Aurora Labs plans to use this fresh influx of funds to boost its business operations. This entails increasing its headcount, improving infrastructure, executing market initiatives, as well as taking on more projects on its platform.
Aurora Labs is a crypto project that utilizes NEAR Protocol. In addition, the platform permits developers to use smart contracts from Ethereum on NEAR. Furthermore, developers can quickly develop apps and create a veritable ecosystem for NEAR. Aurora also has a bridge for moving tokens between its platform and Ethereum, plus the bridge also maintains NEAR’s Rainbow bridge. The latter allows for the transfer of tokens between Ethereum and NEAR.
Although the NEAR team is responsible for creating Aurora, the latter has been functioning as a separate unit since July. Shevchenko discloses that Aurora currently has a workforce of 25 people, but he plans to add ten more to the mix.
Aurora plans to launch its own native token in the future.
Image Credits: Pixabay
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