OneBalance, a developer platform founded by former Flashbots contributors and a Coinbase engineer, has secured $20 million in a Series A funding round led by cyber•Fund and Blockchain Capital, with participation from Bybit's Mirana Ventures and L2IV. The platform seeks to simplify the fragmented crypto user experience by offering a Toolkit that enables users to transfer, swap, and earn yield across multiple blockchains in a single click without needing to manage complex network details like bridging funds or gas tokens.
The OneBalance Toolkit currently supports native Bitcoin-to-EVM swaps, with Solana integration expected soon. A notable feature is Resource Locks, introduced in early 2024, providing a secure mechanism for cross-chain transactions, preventing double-spending, and eliminating risks associated with pooled assets or central vaults vulnerable to hacks. This innovation aims to address issues highlighted by past attacks such as the Axie Infinity Ronin Bridge hack.
Early partners using OneBalance's technology include DSX, Vooi, Spritz, and Nuvolari. The platform not only aims to enhance user experience but also enables developers integrating via its Toolkit to generate revenue from configurable transaction fees bundled into a seamless payment process, offering users faster execution, higher conversion rates, and better capital efficiency.