OneBalance Secures $20 Million Series A Funding to Enhance Crypto UX
OneBalance, a cutting-edge developer platform dedicated to multichain applications, has made waves in the crypto industry by successfully closing a $20 million Series A funding round. The goal? To streamline the user experience (UX) for developers and fintech companies. This substantial investment was spearheaded by cyber•Fund and Blockchain Capital, with additional backing from Bybit’s Mirana Ventures and L2IV.
Founding Vision and Team
Founded by an ex-Coinbase engineer alongside core contributors from Flashbots, OneBalance is addressing a significant challenge within the crypto landscape: the fragmented user experience. The company is leveraging its innovative Toolkit technology, which is designed to simplify transactions significantly. With this toolkit, users can transfer, swap, or earn yield with just a single click—there’s no need to fret over the intricacies of underlying networks, the process of bridging funds, or the complexities of managing gas tokens.
Financial Opportunities for Developers
Daniel Worsley, co-founder and COO of OneBalance, emphasizes the advantages for developers using the Toolkit. They can now earn revenue directly through configurable transaction fees. Worsley explains, “These fees, including gas, can be bundled into a single abstracted payment from the user.” This streamlined approach results in faster execution, higher conversion rates, and improved capital efficiency, thereby enhancing the potential for revenue generation.
Successful Initial Integrations
The Toolkit has already demonstrated significant success, particularly with Bitcoin-to-Ethereum Virtual Machine (EVM) swaps. OneBalance is not resting on its laurels; plans are in motion to extend support to Solana and other major networks in the near future, broadening the scope of applications available to developers and enhancing user experience further.
Introducing Resource Locks for Enhanced Security
In 2024, OneBalance launched an innovative feature known as Resource Locks, which aims to revolutionize crosschain transactions. This feature allows asynchronous execution across various blockchains, making transactions safer by preventing double-spending. Worsley elaborates on this advancement: “Resource Lock allows users to lock funds across chains with a single cryptographic intent—no pre-bridging required.” This unique functionality enables users to deploy fragmented funds across multiple chains, eliminating the cumbersome need to bridge assets before action is taken.
Secure Crosschain Transactions
Resource Locks differentiate themselves from traditional blockchain bridges by avoiding the pitfalls associated with pooled assets, central vaults, and smart contract balances that are often targets for hackers. This became glaringly evident in 2022 when hackers pilfered $600 million from Axie Infinity’s Ronin Bridge by compromising a multisignature private key. OneBalance’s approach aims to enhance security and instill greater confidence in crosschain transactions among users.
The Future of OneBalance
OneBalance’s commitment to solving the fragmented UX in cryptocurrency isn’t just about usability; it’s about creating a more secure and efficient environment for both developers and end-users. By providing tools that make transactions easier and safer, OneBalance looks to redefine the landscape of multichain applications, paving the way for a more integrated crypto ecosystem.
As the company continues to innovate and expand its offerings, it stands as a compelling example of how targeted technological advancements can address the real challenges faced by the cryptocurrency industry today.
