United Kingdom, October 15, 2023 — Kana Labs, a pioneering blockchain infrastructure and tooling company, has successfully closed a $2 million seed round, propelling its growth and expansion initiatives. Investors in Kana Labs include prominent names like MarbleX, a NetMarble subsidiary, Nexus One, Klaytn and Gate.io, among others. The company also received a grant from the Aptos blockchain for its revolutionary smart wallet solutions.
Notably, prior to the seed round, Kana Labs conducted a pre-seed round that was oversubscribed, resulting in an impressive valuation of $21 million. This valuation underscores the significant potential recognized by investors.
Kana Labs has garnered attention from both experienced and emerging investors, reflecting the growing interest in the company's innovative approach to blockchain technology. The company is dedicated to addressing critical issues in the blockchain industry, such as user-friendly UI/UX, cross-chain liquidity fragmentation, and cost inefficiencies associated with cross-chain solutions. Their approach involves account abstraction-based smart wallets, simplifying user onboarding and enhancing UI/UX.
Furthermore, Kana Labs has developed a "Web3 Middleware toolkit," which includes aggregated bridges and multiple liquidity sources from both EVM and non-EVM blockchain networks. This middleware streamlines migration to the Web3 space, improving liquidity and user experiences for individuals and decentralized applications (dApps). It also offers instant access to a comprehensive multi-chain ecosystem with cutting-edge cross-chain transaction capabilities, benefiting existing dApps and newcomers.
In alignment with their mission to simplify and democratize access to decentralized finance (DeFi) and GameFi, Kana Labs plans to allocate the funds to key initiatives:
Enhancing Cutting-Edge Products: Kana Labs aims to enrich its product suite, including the smart wallet and Web3 middleware toolkit, with innovative features and industry-leading solutions.
User Acquisition: The company intends to expand its user base, fostering inclusivity for newcomers and established entities across various Web3 verticals on a single, comprehensive platform.
International Expansion: Kana Labs is poised to expand into international markets, with a particular focus on the Asia-Pacific (APAC) region. Target markets encompass Korea, Japan, Hong Kong, and Taiwan, where the company aims to introduce its innovative blockchain solutions and enhance accessibility to decentralized financial and gaming spaces.
For more information about Kana Labs, please contact: hello@kanalabs.io or follow Kana Labs on Twitter, Medium, and Discord.
About Kana Labs:
Kana Labs pioneers a next-gen cross-chain ecosystem for DeFi, GameFi, and NFTs, bolstered by aggregated bridges and blockchains. Their user-friendly wallet with Account Abstraction and social logins simplifies onboarding. Powered by Aptos and spanning 16 chains, their toolkit streamlines Web3 and facilitates seamless cross-chain spot trading, enhancing accessibility and user experience in DeFi, GameFi, and NFT domains.
