Cryptography network Lit Protocol has raised $13 million in a Series A round led by crypto investment firm 1kx to hire developers creating a decentralized ownership and interoperability across protocols, the company announced Thursday.
Lit aims to give individuals agency within Web3 ecosystems by giving users a private key that is interoperable across decentralized finance (DeFi), decentralized autonomous organizations (DAO) and non-fungible tokens (NFT) on Ethereum Virtual Machine (EVM), Cosmos and Solana chains. Lit protocol founder David Sneider said users will have greater security and autonomy over their data and digital assets.
The demand for cross-chain interoperability has been on the rise this past year. In August, several Solana-based projects teamed up to create the Open Chat Alliance, an interoperable messaging platform. In April, decentralized social graph protocol CyberConnect raised $15 million to build out a platform to make data interoperable across platforms.
Lit is continuing to make strides in the crypto space by releasing Programmable Key Pairs, a feature that works with its encryption service to help users custody their own keys to build interoperable apps. “We're starting to see applications and imagine a future where you have automated agents as it relates to how your data and finances are treated, ” said Sneider.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.