Cumberland Labs Launches Beta Version of API Tool to Streamline Blockchain and DeFi Protocols
Fri, 09 Jun 2023, 00:20 am UTC
Cumberland Labs, the development powerhouse associated with Chicago-based crypto trading firm Cumberland, has unveiled an API tool that has the potential to simplify engagement with blockchain and decentralized finance protocols. Currently in its beta phase, the tool aims to make the integration process more seamless for developers.
The trading branch of Cumberland, a division of DRW Holdings LLC, often faced the cumbersome task of manually integrating with various protocols, each requiring a unique approach. Failing to find an existing tool that could streamline this process, the company embarked on creating its own API service called expand.network. Developed by Cumberland Labs' team of expert developers and engineers, the tool has undergone rigorous testing since November and is now available to the public in its beta version.
The latest release from Cumberland Labs aims to facilitate read and write connections to key public blockchains and DeFi protocols. This will assist developers in interacting smoothly across a wide range of protocol APIs and software development kits (SDKs).
This pioneering Web3 startup aims to address a longstanding challenge in the crypto world: the lack of efficient communication across chains. However, Cumberland Labs' CEO, Demetrios Skalkotos, clarifies that their solution differs significantly from cross-chain solutions, as they cater to distinct needs.
Cumberland Labs provided the initial support for this platform, nurturing its growth through sufficient funding, resources, and professional guidance. The startup may consider attracting additional investments later this year, depending on the market conditions.
Demetrios Skalkotos outlined the company's future funding plans, which involve attracting investors interested in initial "seed" crypto investments and Series A technology infrastructure funding rounds. They also aim to appeal to those who can strategically invest in the long-term growth and success of the firm.
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