Aurora raises $12M in funding to scale its Ethereum project

Aurora raises $12M in funding to scale its Ethereum project

The Ethereum Virtual Machine (EVM), Aurora designed for scaling decentralized applications (DApp) built originally on the Near protocol, has recently announced a $12-million debut funding round.

The round has included more than 100 venture capital investors, including Electric Capital and Pantera Capital.

As per an official statement, Aurora will be using the funds for expanding ​​its cross-chain capabilities beyond the current offering. This is in addition to hiring specialist developers for supporting the growth of Ethereum scaling.

The scaling solution seeks to facilitating interoperability between blockchains via its EVM connection and multichain bridge, hence granting developers the accessibility to launch DApps with multichain functionality. 

Aurora has revealed that it is in its development phase of building a price oracle, an automated market maker exchange, data indexer, and block explorer, among many other features.

The EVM is a blockchain-powered computer engine making the core of Ethereum’s operating system. It is also responsible for transaction execution, other operating functionalities and smart contract deployment, in addition to allowing developers to build DApps on its blockchain.

Very recently, it was announced that the blockchain data explorer Etherscan has collaborated with Aurora for integrating its Ethereum-exclusive service to participants of the Near protocol. 

Aurora’s CEO, Alex Shevchenko, has stated that the goal of Aurora is creating a future where there are obvious gaps between developers and blockchains. Users are also seamlessly bridged. 

He also said the success of funding “reinforces Aurora’s appeal” within “our community” and “our objective” to bring scaling solutions available across the crypto ecosystem.

In July 2021, it was announced that Crypto.com had deployed its proof-of-authority EVM testnet allowing developers and builders for transferring their projects built on Ethereum to other ecosystems cross-chain, which is compatible with the EVM.