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Lit Protocol raises venture of $13 million in funding round led by 1kx

On September 22, an open-source utility called Lit Protocol announced that it had secured a venture of $13 million in a fresh funding round. A Capital, 6th Man Ventures, OpenSea Ventures, and others all took part in the financing round, which was headed by 1kx, an early-stage cryptocurrency fund. 

Lit protocol

The firm also receives support from almost two dozen venture capitalists, including Messari CEO and founder Ryan Selkis and Facebook informant Frances Haugen.

As per the firm’s website blog post, Lit Protocol was unveiled in January with the intention of “creating a decentralised network and open source for obtaining control and composability.”

On September 22, the cryptography community also revealed a brand-new cloud wallet application platform.

Lit Programmable Key Pairs is the name of the new cloud wallet application platform for the protocol, the firm announced on Twitter.

As per Lit Protocol, every customizable key pair is a “cloud wallet platform possessed by the person, managed by a decentralised network.”

What is Lit Protocol?

The Lit Protocol uses threshold cryptography to decentralize public key encryption and makes it easier for others to do the same. The Lit Protocol is an open-source utility tool that uses security to provide blockchain users with access to both the virtual and physical worlds.

The main component of the Lit mechanism is a decentralised access control protocol that functions on top of Solana and EVM chains.

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