Specialized in decentralized identities, Root Protocol has received a funding from 10 million dollars from major ecosystem players crypto to make the Web3 more user-friendly.
Root Protocol announced on Tuesday that its valuation had now reached $100 million, following two rounds of financing led by Animoca Brands and totalling $10 million.
The project has also attracted other major blockchain industry investors including Shima Capital, DFG Group, Signum Capital, Ankr, Double Peak, Dao5, Gate Labs and Cypher Capital.
Root Protocol is building an intent-centric platform powered by Layerzero and Celestia to enable “unified access” to Web3. The startup aims to solve the challenges inherent in blockchain: interoperability between networks and data fragmentation. It also aims to make user interfaces easier to use.
Its network includes 4 main components with Root Operation Executor, Root Chain (Rollup), Root Account and Root Protocol Indexer, which work simultaneously to facilitate smoother cross-chain interactions.
With its intent-centric approach, secure account management and gas-free cross-chain environment, Root Proto-col is an important step towards improving the usability of the decentralized Web,” reads the project’s whitepaper.
Keep up to date with crypto news on our Twitter or Telegram