Interledger Protocol solution provider Kava Labs raises $1.2 million

Kava Labs, an open payment system for cryptocurrencies built on the Interledger Protocol (ILP), announced today it has raised $1.2 million in funding to continue the development of its Interledger solutions for blockchain technology.

The investment round was led by Lemniscap and Digital Asset Capital Management, along with other investors including Xpring of RippleCoil Technologies2020 VenturesArrington CapitalHard YakaRobot VenturesUniValues Associates, and a number of private investors.

[perfectpullquote align=”full” bordertop=”false” cite=”Richard Galvin, CEO of DACM” link=”” color=”” class=”” size=””]“We are pleased to support the Kava team as they continue to focus on building out Interledger solutions. We think this is an exciting growth area for blockchain technology and one of the keys to removing the barriers between existing blockchains while bringing the full potential of the technology to the asset transfer and payments space.” [/perfectpullquote]

[perfectpullquote align=”full” bordertop=”false” cite=”Ethan Beard, SVP Xpring, Ripple” link=”” color=”” class=”” size=””]“The Kava team is dedicated to the vision of interoperability in payments and amongst blockchains. We are excited to partner with them as they build out the Internet of Value and enable seamless value transfer through Interledger.” [/perfectpullquote]

[perfectpullquote align=”full” bordertop=”false” cite=”Scott Stuart, Cofounder of Kava Labs” link=”” color=”” class=”” size=””]“The solutions Kava is developing are vital keys to the success of the blockchain industry as a whole as they solve the scaling, interoperability, and liquidity challenges limiting blockchain technology today.” [/perfectpullquote]

[perfectpullquote align=”full” bordertop=”false” cite=”Brian Kerr, Cofounder of Kava Labs” link=”” color=”” class=”” size=””]“We’re excited to move into 2019 with a great set of partners supporting us that believe in our team and the importance of what we are building for the ecosystem.”[/perfectpullquote]