Aurora Generates $12M In Funding Round Co-Led by Pantera Capital, Electric Capital
Aurora Labs, an Ethereum-compatible platform for development, has raised $12 million in a recent funding round. The equity round was led by Panera Capital, an American crypto-oriented hedge-fund, and Electric Capital (an early-stage crypto venture company), respectively. Alex Shevchenko CEO of Aurora Labs said that Chronicle and imToken were other notable investors.
Aurora Labs will use the new funds to expand its business operations. This includes increasing its workforce, improving infrastructure, executing markets initiatives, and taking on additional projects through its platform.
Aurora Labs is a cryptocurrency project that uses NEAR Protocol. The platform allows developers to use smart contract from Ethereum on NEAR. Developers can also quickly create apps and build a NEAR ecosystem. Aurora has a bridge that allows tokens to be moved between Ethereum and its platform. The bridge also houses NEAR’s Rainbow Bridge. This bridge allows the transfer of tokens from Ethereum to NEAR.
While the NEAR team is responsible to creating Aurora, the latter functions as an independent unit since July. Shevchenko revealed that Aurora has 25 employees, but plans to add 10 more.
Aurora plans to launch its native token in the near future.