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Cosmic Wire secures $30 million in funding to advance its cross-chain Web3 platform expansion.

ByYasmeeta Oon

Jul 21, 2023

Cosmic Wire secures $30 million in funding to advance its cross-chain Web3 platform expansion.

Cosmic Wire, a technology firm specializing in Web3 and blockchain solutions, has proudly concluded its series seed funding round, securing an impressive $30 million in investment. This funding initiative was spearheaded by notable investors, the Solana Foundation and Polygon, solidifying Cosmic Wire’s status as the very first Web3 company to receive cross-chain funding.

With this financial infusion, the company is poised to expedite the creation of a decentralized, transparent, and highly secure Web3 ecosystem. Its strategic vision entails broadening the Web3 landscape by harnessing cross-chain technology to facilitate seamless data transfer and interoperability across an array of blockchain networks.

Cosmic Wire’s core mission centers on empowering users with absolute control over their Web3 data and online interactions, thus nurturing trust and individual autonomy.

Jerad Finck, the CEO and founder of Cosmic Wire, articulated his startup’s dedication to realizing this vision. He emphasized their commitment to developing functional prototype systems, filling crucial gaps within Web3 that are essential for widespread adoption. According to Finck, this substantial investment will enable them to expand their operations and bring their products and technology to the masses.

Notably, Cosmic Wire’s approach diverges from traditional platforms that often trade user access for ownership. Instead, the company champions a decentralized philosophy grounded in cross-chain technology, ensuring interoperability and security within a genuine zero-trust environment, devoid of backdoor access. All data usage is meticulously containerized and timestamped on the blockchain, epitomizing transparency, security, and precision in algorithmic systems. As Finck aptly puts it, “The chain is the internet; the people are the nodes.”

The foundation of Cosmic Wire’s Web3 infrastructure is being laid on the Solana network, with a strong focus on metaverse SDK solutions that significantly reduce development timelines for immersive, 3D, browser-based metaverse experiences. These solutions seamlessly integrate ecommerce, digital products, content CDNs, various payment methods, and user-generated content (UGC) for avatars.

Simplifying Blockchain Accessibility with Cross-Chain Innovation

Finck stressed that at its core, blockchain serves as an immutable ledger. “We’ve integrated all processes onto the blockchain, encompassing commodity trades, tokenized access, API connections, and fundamental system functions. These processes are orchestrated through an access layer rooted in identity, which fosters localized ecosystems capable of algorithmically enhancing established and tested procedures,” Finck elucidated to VentureBeat.

He emphasized that his company doesn’t fundamentally reshape operational foundations but instead concentrates on optimizing existing systems more efficiently. He contends that the firm’s cross-chain technology can offer advantages to every Web2 or pre-existing system, emphasizing accuracy, security, and transparency as core values in these operations.

The company successfully secured a substantial seed funding round, even in a challenging market climate, with prominent entities as key investors. Its toolkit has already been integrated into global infrastructure to facilitate widespread adoption.

“Our goal is to transform business methodologies, communication approaches, and asset safeguarding, granting users genuine ownership rather than mere user status. The entire cross-chain software ecosystem we’ve developed revolves around these fundamental principles,” Finck remarked.

He pointed out that users will undergo a profound transformation in the cross-chain system, transitioning from mere users to empowered owners. Individual ownership is enabled through a global mesh network, enabling trustless interactions within a fully algorithmic and transparent framework, facilitating streamlined and scalable connections.

In addition to achieving this funding milestone, Cosmic Wire has secured participation in Google Cloud’s highly anticipated Web3 startup program, even before its official launch. Through this initiative, the company will gain exclusive access to tailored resources, including a substantial allocation of Google Cloud credits for two years, unparalleled entry into Google’s Web3 ecosystem, and a range of complimentary benefits.

“We didn’t confine ourselves to specific sectors; instead, we constructed an ecosystem with applicability across diverse domains,” Finck emphasized. “We are already involved in various fields, from military development to finance, medical to education, entertainment to fantasy. It’s not about the genre but about how the tool can be harnessed and adapted to achieve unprecedented levels of extrapolation and efficiency that were previously unattainable.”

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.