Blockchain-as-a-Service (BaaS) startup Sparq Labs opens Series A round for $18 million

Blockchain-as-a-Service (BaaS) startup Sparq Labs opens Series A round for  million

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PRESS RELEASE

Published May 27, 2023

Sparq Labs, a Blockchain-as-a-Service startup, has opened its $18 million Series A funding round just six months after raising $680,000 in seed capital. The firm is disrupting the blockchain industry with advanced technology, including SparqNet, a protocol that offers high-speed transactions and a cross-chain gateway, the SparqNet Gateway.

Blockchain-as-a-Service (BaaS) startup Sparq Labs has announced that it is opening its $18 million Series A round. This latest fundraising announcement comes less than six months since Sparq Labs raised a $680,000 seed round.

Sparq Labs Inc, the company behind OrbiterSDK and SparqNet Gateway is disrupting the blockchain industry with brand new blockchain technology and infrastructure that can perform up to 400,000 transactions per second with native cross-chain capabilities to and from any protocol leveraging any programming language.

SparqNet is a decentralized blockchain-based computer network and protocol with tools and services for building subnets, app chains and decentralized applications with increased transaction speeds and includes a bridge called SparqNet Gateway capable of processing cross-chain transactions from any blockchain, either on or off SparqNet.

  • Blockchain-as-a-Service (BaaS) startup Sparq Labs opens Series A round for $18 million

In addition, Kucoin Community Chain (KCC) by leading blockchain and crypto exchange, KuCoin will integrate SparqNet’s token ($SPARQ) via their Gateway – the latest in a long line of strategic partnerships that Sparq Labs has recently entered into with other innovative players in the web3 space .

Interoperable with all supported blockchains, the SparqNet Gateway provides seamless communication between smart contracts and blockchains, facilitating the transfer of assets.

“The SparqNet Gateway is language agnostic, meaning people using SparqNet can choose any supported programming language when building their decentralized application or service, avoiding the learning curve of smart contract development by using the OrbiterSDK which gives developers the ability to develop blockchains capable of up to 400,000 transactions per second (TPS) with built-in cross-chain capabilities,” explains Itamar Carvlho, co-founder and Head of Technology at Sparq Labs Inc.

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SparqNet Gateway monetizes through cross-chain transactions facilitated by validators of the network for a cost of $0.005 per transaction. OrbiterSDK application chains deployed on the mainnet are issued binary NFTs which are stored permanently on the Arweave ledger and minted for an equivalent value of $1000 in $SPARQ tokens.

Michael Weinrub, co-founder and Head of Business at Sparq Labs Inc, says: “SparqNet enables a whole new generation of decentralized applications capable of porting legacy systems to Web3. Not only can SparqNet solve the complexities involved in deploying the next 95% of existing technology, but do it with 100% on-chain infrastructure for applications in finance, game building and much more.”

“We are now capitalizing to deliver this uniquely powerful technology at scale. Series A launch will drive Sparq Labs’ delivery of SparqNet to meet the rapidly growing appetite for scalable, composable, ultra-fast and language-agnostic blockchains. Sparq Labs is for the time in dialogue with a number of investors who see the same transformational opportunities in the web3 world as we do,” Michael.

With well over 20 years of experience between them, Itamar and Michael are deeply committed to redefining the blockchain space, when it comes to delivering the fastest chain speed and subnet-enabled cross-chain integration for more scalable Web3 projects.

Before founding Sparq Labs, Itamar worked on AVME – a decentralized security suite platform (which includes an antivirus, VPN, password manager, etc.) and the first desktop wallet for Avalanche. Michael has a background in building start-ups mainly in the internet services industry, having started his first company at the age of 14.

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“We saw the opportunity to build the AVME initial core within the Avalanche Summit Hackathon 2022,” Itamar says. “After concluding that and noticing the superb performance we achieved with a pre-alpha prototype, we realized that this core could be open to everyone else, and thus Sparq (now SparqNet) was born.”

“We were building very similar things. Itamar needed flexibility for infrastructure that existed in web2, and I needed speed to build real products/services on the chain,” explains Michael. “We merged our frameworks and knew that if we needed architecture like this, there were definitely others out there who needed it too – and it turns out we were right!”

About us: Sparqnet is an SDK toolchain that acts as a protocol and allows users to build scalable fast blockchain infrastructure in C++ without relying on any VM, thus erasing the EVM dependency and giving total freedom to both web2 and web3 builders .If you are interested in building with SparqNet, get in touch here: https://bit.ly/build-on-testnet

Contact information:
Name: Troy
Email: Send email
Organisation: Sparq Network
Address: Panama City, Panama
Website: https://sparq.network/

Release ID: 89097880

If you discover any issues, problems or errors in this press release’s content, please get in touch [email protected] to notify us. We will respond and rectify the situation within the next 8 hours.

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