Nirvana Labs Acquires Vektor

Nirvana Labs has acquired the multichain query and execution platform Vektor to enhance its cloud computing services for the blockchain and crypto industry.

Objectives of the Acquisition

The acquisition aims to enable Nirvana Labs to offer Vektor's onchain workflows as a managed service, enhancing multichain functionality for developers in onchain data collection and execution, per a statement shared with The Block.

Vektor’s Capabilities

Vektor’s integrations support over 50 protocols across more than 15 chains, allowing developers to easily and efficiently query, compose, and execute activities across multiple blockchains. This includes functions like reading and executing swaps, bridging, lending, and borrowing across venues such as Curve, Balancer, and Uniswap v3.

Statements from Executives

Dan Burke, CEO of Nirvana Labs, stated, "Vektor has completely redefined how developers interact with protocols for data and execution. By integrating Vektor's technology, we are dedicated to expanding the number of web3 managed services that Nirvana Cloud offers."

Andy Bryant, Vektor co-founder and CEO, mentioned, "We are excited to be joining Nirvana Labs and leveraging their unparalleled web3 cloud infrastructure to empower developers with the most advanced tools for complex onchain development."

Akram Hussein, co-founder and CTO of Vektor, expressed that they built the platform to simplify and enhance the onchain development experience, offering this to developers on the most robust web3 hosting platform available.

Recent Financial Developments

Nirvana Labs Raises $5.7 Million in Six Months

Nirvana Cloud is utilized by notable crypto firms, including Chainlink, BitGo, Goldsky, Thirdweb, and Pairpoint.

In July, Nirvana Labs announced securing $4 million in a seed funding round co-led by Castle Island Ventures and RW3 Ventures, bringing its total funding to $5.7 million within six months.

Devin Bandar, founder of Nirvana Labs, stated, "At Nirvana Labs, we understand the unique challenges faced by companies building on-chain applications within the limitations of general purpose cloud. Our goal is to deliver unparalleled cloud performance and cost savings for our customers as the new generation of alternative clouds emerges for the web3 space."