Cytonic Secures $8.3 Million Seed Funding to Solve Blockchain Compatibility

ROAD TOWN, British Virgin Islands, Nov. 07, 2024 (GLOBE NEWSWIRE) — Cytonic, the world’s first multi-virtual-machine blockchain, today announced it has raised $8.3 million in a seed funding round co-led by Lattice and Lemniscap, with participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes and other notable investors.

Developed by MultiVM Labs, Cytonic is a decentralized execution layer that tackles one of the blockchain industry’s most pressing challenges: compatibility. As fragmentation across multiple chains continues to grow, developers and users face increasing barriers that limit the full potential of blockchain technology. Cytonic introduces the first Layer 1 blockchain capable of running multiple virtual machines within the same network layer while using shared storage. This breakthrough allows transactions involving different state transition functions (STFs) to be processed together within a single state transition. Currently, Cytonic is designed to be identical to both Ethereum and Solana, enabling all existing tooling, wallets, and decentralized applications (dApps) that operate on EVM and SVM chains to function seamlessly on Cytonic.

Cytonic minimizes transaction fees and reduces waiting times for moving assets between chains, making decentralized applications more accessible and user-friendly. On the Cytonic blockchain, users can swap assets across different VMs atomically without rollback issues or cross-chain vulnerabilities.

For example, users can swap Base tokens (ERC20) for Solana tokens (SPL) within the same liquidity pool on a single decentralized exchange (DEX), radically increasing capital efficiency. This approach fundamentally addresses interoperability challenges and vulnerabilities inherited from hundreds of different blockchain architectures, all while maintaining full compatibility with them.

Having experienced firsthand how compatibility issues hinder growth across the crypto industry, Cytonic Founder Ivan Miskovic recognized the critical need for a solution that simplifies horizontal scaling for applications and addresses liquidity management challenges for users. Ivan, former Executive at Spin Labs, along with his co-executives—Chelsea, former Partner at Foresight Ventures, and Badconfig, former Senior Engineer at Faraway—have years of experience building and investing in decentralized technologies across Bitcoin, Ethereum, Solana, Near, and other notable projects. United by a shared vision to resolve blockchain’s compatibility challenges, the Cytonic team is dedicated to making on-chain interactions easier and more efficient for all participants.

Thanks to its EVM and SVM compatibility, projects from any EVM or SVM chain can seamlessly migrate to Cytonic and tap into liquidity from different networks without the usual complexities of cross-chain operations or chain abstraction. This breakthrough in core infrastructure compatibility enables developers to deploy existing applications on Cytonic without rewriting any code, streamlining both development and growth processes. Projects can harness the unique strengths of different virtual machines while maintaining universal compatibility on the network. This not only simplifies the user experience but also reduces fragmentation, enhances ecosystem diversity, and makes blockchain technology more accessible and practical for widespread adoption.

Ivan Miskovic, Founder of Cytonic, said: “Sincere thanks to our investors for backing our vision to bridge the gaps between blockchains and unlock new opportunities for developers and users alike. We are enabling any wallet from any chain to store any type of asset on Cytonic, greatly simplifying user experiences and broadening accessibility at a critical juncture in the Web3 development cycle. We are just getting started.”

Regan Bozman, GP at Lattice, said: “We are proud to have co-led this $8.3 million round for Cytonic. As the blockchain ecosystem continues to grow, many innovative projects struggle with liquidity and compatibility due to the diverse range of blockchains available. Cytonic is tackling these compatibility issues head-on, breaking down the silos between blockchains while promoting greater collaboration, innovation, and adoption across the Web3 space.”

About Cytonic

Cytonic is pioneering the first multi-virtual-machine blockchain, with a mission to seamlessly integrate diverse networks like Bitcoin, Ethereum, and Solana into a unified Layer 1 blockchain solution. Operating on a global scale, Cytonic ensures connectivity and interoperability across multiple decentralized networks.

Website: https://www.cytonic.com/
X: https://x.com/cytonic_com
Discord: https://discord.gg/K3RgfYS5

Disclaimer: This content is provided by Cytonic. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Contact:

Cytonic
lorcan@cytonic.com
lorcan@forwardventures.com
ether with

Public Works:
Scott@publicworks.fm

Lyrik Ventures:
rb@lyrik.ventures

Maelstrom:
(Arthur Hayes)
akshat@maelstrom.fund

IOBC Capital:
pei@iobc.capital

Laser Digital (Nomura Group):
anurag.reddy@laserdigital.com

Lemniscap:
ns@lemniscap.vc

Lattice Fund:
regan@lattice.fund
mike@lattice.fund

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80d84398-0755-4ce0-8f25-f5205ec7efc9