Panama City, Panamá, Panama--(Newsfile Corp. - October 31, 2022) - Sparq Labs Inc., the blockchain infrastructure, SDK toolchain, and services company behind SparqNet, has closed a $680,000 seed round with the participation and support of several companies.

SparqNet is a meta-network that provides tools and services for a network of deployable blockchains capable of up to 400,000 TPS (transactions per second) each, programmable in any language with infrastructure enabled by Avalanche, and open to any protocol through the on-chain trustless and distributed bridge.

Image 1

To view an enhanced version of this graphic, please visit:
https:/https://finance.yahoo.com/images.newsfilecorp.com/files/8397/142570_acdfa61604f93beb_002full.jpg

SparqNet is enabling creators and developers to unlock the potential of next-generation dApps such as in the GameFi and DeFi space in which the meta-network is capable of hosting 100% of the server-side and multiplayer functions on-chain.

"This funding enables us to grow our team to accelerate the development of our technologies in addition to expanding our reach in the Web3 market as we shift our focus to launching our testnet. Our team is working hard to attract like-minded projects across the industry seeking a solution that is both flexible and scalable from day zero alleviating the worry and "what if's" of the future as they build out the next generation of decentralized applications," said Michael Weinrub, Co-Founder and Head of Business at Sparq Labs.

SparqNet also supports DeFi protocols with capabilities such as 2 million swaps per second with cross-chain capabilities, and much more. Beyond GameFi and DeFi, SparqNet's potential use cases also include decentralized email, VPNs, secure HR portals, cloud services, arbitrage bots, utilities, supply chain management, and eCommerce SaaS.

"With SparqNet, developers no longer have to deal with the complexity of learning Solidity or being tied to an EVM, they can now build using the languages they are already familiar with, across chains. We plan to use this capital injection to run our C++ test net, then deploy Rust and Python compatibility. Rust and C# are in our priority list," said Itamar Carvalho, Co-Founder and Head of Technology at Sparq Labs.

Sparq Labs will soon be launching the SparqNet testnet in Q4 2022 to provide developers with a great first-mover opportunity to begin building and unlocking the true potential of the fastest and most flexible deployable blockchains on the market today.

----------------------------------------------------------------------------------------------------------------------