Kana Labs Raises $2 Million in Seed Round, Targets APAC Region for Expansion

Summary:
• Kana Labs has closed a successful seed round, coming on the heels of an oversubscribed pre-seed round which valued the company at $21 million.

Kana Labs, a leading developer of blockchain infrastructure and tooling solutions, has recently raised $2 million in a seed round. The round attracted investments from MarbleX, a NetMarble subsidiary, Nexus One, Klaytn and Gate.io, among others. In addition, Aptos Blockchain has also given the company a grant to support its innovative smart wallet solutions.

In what has been a fruitful period for Kana Labs, the company held a successful pre-seed round that was oversubscribed, with its valuation standing at $21 million. From an investor’s perspective, this signals a strong business outlook for the company.

Kana Labs is built on Aptos blockchain and is compatible with 16 other blockchains. The company focuses on solving major problems in the blockchain industry, including creating intuitive user interfaces, enhancing user experience, mitigating cross-chain liquidity fragmentation, and creating efficient solutions for cross-chain interactions. In addition, the company has simplified user onboarding using social login and account abstraction integrated into their wallet.

The company has also created what it calls a “Web3 Middleware Toolkit,” a solution comprising aggregated bridges and various sources of liquidity from EVM and other blockchains. This is designed to make it easier for users and decentralised applications (dApps) to join the Web3 ecosystem.

Kana Labs’ priority investment frontiers

Kana Labs intends to channel a significant portion of its funds into projects that will help the company achieve its goal of making DeFi and GameFi more accessible and user-friendly. It has identified the creation of innovative solutions, such as smart wallets and Web3 middleware toolkits, to put it at the forefront of the industry’s growth.

In addition, the company plans to grow its user base by positioning itself as an all-inclusive platform for both newbies and established entities across several Web3 categories. Kana Labs is looking to increase its presence in the international market, particularly in the Asia-Pacific (APAC) region.

Specifically, the company will focus on the East Asian markets of Korea, Japan, Hong Kong, and Taiwan. Kana Labs believes that these markets will help it establish greater visibility for its product suite. Also, the region will provide the platform to promote its innovative blockchain solutions and promote mass access to DeFi and gaming.