OneBalance Secures $20 Million in Series A Funding for Cross-Chain Toolkit

OneBalance, a firm specializing in cross-chain infrastructure development, has successfully secured $20 million in Series A financing. This latest round of funding brings the company's total investment to $25 million. The investment was co-led by Cyber Fund and Blockchain Capital, with additional support from Mirana Ventures and L2IV. As part of the investment, Spencer Bogart, a general partner at Blockchain Capital, has joined OneBalance’s board of directors.

OneBalance's primary goal is to enhance the user experience of web3 products through its cross-chain integration product, Toolkit. This innovative tool enables developers to facilitate seamless cross-chain transactions for users, such as transferring assets or earning yield, without the need for users to monitor bridges or gas fees. The company plans to utilize the $20 million in financing to expand its team and further develop the capabilities of its Toolkit product.

Stephane Gosselin, CEO and co-founder of OneBalance, emphasized the importance of providing a user-friendly experience in the web3 ecosystem. He stated, "Stablecoins are quickly replacing bank accounts and bringing millions of users onchain. They expect delightful experiences, not a maze of chains, wallets, bridges to navigate through to complete the most basic actions. OneBalance fixes this by offering simple one-click experiences for any chain, any action and any token with unmatched speed, reliability, and cost. We've rethought blockchain development from the node up to maximize value creation for users instead of the status quo of retail extractable value."

OneBalance's leadership team includes Stephane Gosselin, who also co-founded Flashbots, an organization focused on mitigating the negative effects of maximum extractible value (MEV) on blockchain technology. Daniel Worsley, the former operations lead at Flashbots, now serves as OneBalance’s COO, and Ankit Chiplunkar, a former Coinbase smart contract engineer, is OneBalance’s CTO.

In June 2024, OneBalance raised $5 million in seed funding from investors including Consensys, Wintermute, and Cobie. This early investment has laid the groundwork for the company's current success and future growth.