OneBalance secured $20 million in Series A funding to develop its Toolkit, aiming to streamline cross-chain transactions and enhance user experience in the Web3 space.

Executive Summary

OneBalance has raised $20 million in a Series A funding round led by CyberFund and Blockchain Capital to further develop its cross-chain transaction toolkit. The funding will be used to expand the team and enhance the product suite, which aims to simplify the user experience for Web3 applications by enabling one-click cross-chain transactions.

The Event in Detail

The $20 million Series A round was led by CyberFund and Blockchain Capital, with participation from Mirana Ventures and L2IV. This brings the total funding to $25 million, including a previous $5 million seed round. Spencer Bogart from Blockchain Capital will join OneBalance's board of directors. The OneBalance Toolkit allows developers to integrate seamless cross-chain transactions, enabling users to transfer assets or earn yield without navigating complex bridges or managing gas fees. CEO Stephane Gosselin stated that OneBalance aims to fix the transactional friction caused by the fragmentation of blockchain networks, wallets, and bridges.

Market Implications

OneBalance's technology introduces Resource Locks, which have become a core element of the Ethereum interoperability roadmap. This mechanism streamlines cross-chain transactions by allowing asynchronous execution across blockchains, preventing double-spending. For users, this results in approximately 40% faster execution compared to traditional cross-chain routes. The toolkit supports instant native Bitcoin to EVM swaps, with plans to add Solana and other networks soon. The streamlined UX could drive adoption of cross-chain applications and increase liquidity across different blockchains.

Expert Commentary

"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,” Gosselin added.

Daniel Worsley, co-founder and COO of OneBalance, noted that developers integrating the Toolkit can earn revenue through configurable transaction fees. He highlighted that these fees, including gas, can be bundled into a single abstracted payment from the user.

Broader Context

OneBalance's focus on simplifying cross-chain transactions addresses a critical challenge in the Web3 ecosystem. The Toolkit aims to provide a unified balance across any network, allowing users to utilize balances across disparate chains without managing underlying networks or holding native gas tokens. The company's Resource Lock feature, introduced in early 2024, enables users to lock funds across chains with a single cryptographic intent, eliminating the need for pre-bridging. This innovation aligns with the broader industry trend towards chain abstraction, as it is designed to work with wallet-as-a-service providers like Privy and Turnkey to deliver unified cross-chain experiences.