Nirvana Labs Buys Out Vektor to Further Strengthen Multichain Functionality for Web3 Cloud Solutions

Nirvana Labs has included a new project into its list of deals by purchasing the multichain query and execution service provider Vektor. Its recent acquisition strategy vision is to strengthen its cloud computing services for blockchain and crypto-related business much more.

In this deal, Nirvana Labs plans to incorporate Vektor’s highly specialized onchain capabilities into the services that will help developers harness the potential of multichain applications. Today, Vektor’s technology works with over 50 protocols on more than 15 blockchains, including query and swap execution, bridging, as well as lending and borrowing operations in Curve, Balancer, and Uniswap v3.

Dan Burke, the CEO of Nirvana Labs stated, “Since Vektor has reimagined development interactions with protocols for data and execution, we strongly believe that by integrating Vektor’s technology, Nirvana Cloud intends to deliver a wider range of Web3 managed services. ”

The integration of Vektor into Nirvana Labs’ ecosystem is expected to solve the problems that are currently emerging as web3 hosting requirements intensify. Co-founder and CEO of Vektor, Andy Bryant commented on the merger, saying “This is great news; the Web3 master node offered by Nirvana Labs will allow developers to enjoy richer tools for complex onchain in Web3 cloud. ”

Akram Hussein, co-founder and CTO of Vektor, also commented that their technology was intended to augment and aggrandize onchain development, so they are eager to bring these value-providing capabilities to developers that are hosted on Nirvana Labs’ premium tier.

Nirvana Labs has also recently secured $ 5. $ 7 million in funding over the last six months. This is highlighted by a $4 million seed funding round in July that was co-led by Castle Island Ventures and RW3 Ventures to support its Web3 cloud services.

Nirvana Labs founder Devin Bandar highlighted the firm’s mission: “Our purpose is to present the ultimate cloud experience in terms of performance and cost-saving to become the new generation of the alt clouds for Web 3. 0.

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