OneBalance, a developer platform for multichain applications, has closed a $20 million Series A funding round

The $20 million investment round was led by cyber•Fund and Blockchain Capital, with participation from Bybit's Mirana Ventures and L2IV.

OneBalance, a developer platform aiming to streamline the cryptocurrency user experience (UX) for developers and fintechs, has announced the completion of a $20 million Series A funding round.

The investment round was spearheaded by cyber•Fund and Blockchain Capital, and also saw participation from Bybit's Mirana Ventures and L2IV.

Set up by an ex-Coinbase engineer and core contributors from Flashbots, OneBalance is tackling the crypto industry's fragmented UX with its Toolkit technology, which it claims enables users to transfer, swap or earn yield in just one click, without needing to worry about the underlying network, bridging funds or managing gas tokens.

"Developers that integrate via the Toolkit can earn revenue directly through configurable transaction fees, which can be split to optimize for factors such as the user's preferred output token or the service they're using," Daniel Worsley, co-founder and chief operating officer of OneBalance explained to Cointelegraph. "These fees, including gas, can be bundled into a single abstracted payment from the user."

The result brings users "faster execution, higher conversion, and better capital efficiency."

OneBalance's Toolkit has already proven successful with native Bitcoin-to-Ethereum Virtual Machine (EVM) swaps, with additional support for Solana and other major networks launching in the coming weeks.

OneBalance introduces Resource Locks for safer bridging

The company's Resource Lock feature, introduced in early 2024, offers a new approach to crosschain transactions by enabling asynchronous execution across blockchains. The system prevents double-spending by co-signing and sequencing user transactions through the protocol itself.

"Resource Lock allows users to lock funds across chains with a single cryptographic intent - no pre-bridging required. Combined with balance aggregation, it lets users deploy funds fragmented across many chains, eliminating the need to bridge before taking action," said Daniel.

Unlike blockchain bridges, Resource Locks eliminate pooled assets, central vaults and smart contract balances that could be vulnerable to hacks, offering a more secure solution for crosschain transactions.

In 2022, hackers stole $600 million from Axie Infinity's Ronin Bridge after compromising a multisignature private key setup, highlighting the risks that OneBalance is aiming to mitigate.