Particle Network, a trailblazing force in modular blockchain innovation with a focus on chain abstraction technology, has triumphantly amassed $15 million in a Series A funding round.

This strategic round was spearheaded by The Spartan Group and Gumi Cryptos Capital, with significant participation from SevenX Ventures, Morningstar Ventures, Flow Traders, HashKey Capital, and several other key players, as announced by Particle Network on Thursday.

The fundraising endeavor commenced in March and reached its conclusion last month, according to Particle Network’s visionary founder and CEO, Pengyu Wang. The investment was structured through a simple agreement for future tokens (SAFT), though Wang refrained from disclosing the precise valuation.

With this latest capital infusion, Particle Network’s cumulative funding now stands at $25 million, following previous successful rounds that aggregated $10 million.

Read more: Layer3 Secures $15M Series A to Transform Crypto Token Allocation and User Interaction

Delving into Particle Network

Particle Network represents a cutting-edge modular Layer 1 blockchain, dedicated to streamlining both developer and user experiences through sophisticated chain abstraction technology.

A cornerstone of Particle’s innovation is the “universal accounts” feature, empowering users to leverage assets from any blockchain to facilitate seamless transactions across the entire blockchain ecosystem. These universal accounts are underpinned by dual functionalities: “universal liquidity” and “universal gas,” enabling users to utilize their tokens across diverse chains and to pay for transaction fees in any token they possess.

“Universal accounts eliminate the need for users to bridge or manually manage multiple accounts across various chains, while developers can easily onboard users from anywhere within the ecosystem,” Wang elucidated.

Currently in its testnet phase 1, Particle Network boasts approximately 1.3 million registered universal accounts and over 114 million transactions.

Particle Network is architected using the Cosmos SDK and integrated with Ethereum Virtual Machine compatibility via Berachain’s BeaconKit framework. Wang identified NEAR, with its chain signatures technology, and Polygon’s AggLayer, with its chain unification technology, as core competitors.

Initially, Particle Network’s offering centered on wallet abstraction technology, enabling developers to onboard users through social logins instead of traditional crypto wallets. This technology has been adopted by over 900 decentralized applications, securing user assets worth over $2 billion.

Advancing Toward Mainnet and Token Unveiling

Particle Network is poised to transition into testnet phase 2 within this week, with the mainnet launch slated for the third quarter of this year, Wang revealed. Concurrently, the Particle token, PARTI, will be introduced.

With the infusion of new funds, Particle Network aims to expand its team from over 30 to more than 40 members, targeting key roles in engineering and operations, Wang noted.

In addition to bolstering its team, Particle Network plans to onboard more developers, public blockchains, and decentralized applications utilizing its chain abstraction technology. The project also seeks to amplify its community through targeted marketing initiatives.