Root Protocol raises $10M to facilitate access to Web3.

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.

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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.

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