Layer 1 Project Initia Emerges From Stealth
Developers at Initia, a Layer 1 network, have secured a pre-seed investment from Binance Labs, the venture capital and incubation arm of Binance. The new capital will enable developers to build Layer 2 scaling solutions interconnected, though the team has not disclosed the investment amount.
Initia is a Layer 1 platform that will host scalable application-specific Layer 2s using optimistic rollup technology. It will facilitate cross-chain interactions between these rollups. The platform will use a computing framework called MoveVM, based on the Move smart contracting language, which has been adopted by other Layer 1 chains like Aptos and Sui. The project is currently in development on a testnet and developers plan partnerships with other notable crypto projects.
(With inputs from Shikha Singh)
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