Orbs secures US $10 million funding to expand cryptocurrency infrastructure

03/14/2023 12:08 • Blockchain Briefs • 108 views

It is reported that Orbs, a cryptocurrency infrastructure developer, will raise US $10 million from DWF Labs. Orbs plans to continue to develop its infrastructure to increase adoption, including on the Ethereum Virtual Machine (EVM) chain and Open Network (TON). Orbs recently started to build the first non-EVM Layer 1 on TON.

Orbs, a developer of encryption infrastructure, will raise $10 million

Analysis based on this information:

Orbs, a cryptocurrency infrastructure developer, has secured US $10 million funding from DWF Labs. This funding will be used to continue developing the Orbs infrastructure and increasing its adoption among cryptocurrency users. Orbs aims to expand its presence on the Ethereum Virtual Machine (EVM) and Open Network (TON) platforms.

The funding will allow Orbs to expand the infrastructure to enhance the user experience and provide a stronger foundation for cryptocurrency transactions. The company is looking to increase adoption rates by streamlining the process of buying and selling cryptocurrencies using their platform. The largest platforms in this industry, including Ethereum EVM and Open Network TON, are the company’s primary focus.

The Ethereum Virtual Machine (EVM) is a software platform that allows for the creation and deployment of decentralized applications (DApps) and smart contracts. Orbs’ focus on the EVM suggests that the company is looking to create a seamless integration between its platform and existing DApps on the Ethereum network. This would provide end-users with a single platform to access DApps and transact cryptocurrencies.

The Open Network (TON) is a blockchain infrastructure developed by Telegram, that is designed to provide high-speed, low-cost transactions for dApps and other decentralized services. Orbs’ development of a non-EVM Layer 1 on TON would serve to increase the versatility of the network and make it easier for developers to integrate their projects on the platform. This move is expected to increase the adoption of TON and the Orbs infrastructure as a whole.

In conclusion, by securing US $10 million funding from DWF Labs, Orbs is set to become a major player in the cryptocurrency infrastructure market. The company’s focus on increasing adoption, particularly on the Ethereum Virtual Machine (EVM) and Open Network (TON) platforms, suggests a robust and user-friendly cryptocurrency infrastructure in the near future. Orbs’ development of the first non-EVM Layer 1 on TON is expected to increase versatility on the platform and aid developers in integrating their projects.

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Orbs secures US $10 million funding to expand cryptocurrency infrastructure

Orbs, a developer of encryption infrastructure, will raise $10 million

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