Lit Protocol is a cryptography network focused on giving users agency in Web3 by delivering interoperable private keys and encryption services. The company raised $13 million in a Series A led by crypto investor 1kx to hire developers building decentralized ownership and interoperability across protocols. Lit’s technology targets DeFi, DAOs and NFTs and is designed to work across EVM, Cosmos and Solana chains to improve security and user autonomy over data and digital assets. The project recently released Programmable Key Pairs, a feature that integrates with its encryption service to help users custody their own keys and build interoperable applications. Founder David Sneider said the work will enable greater security and autonomy and envisioned automated agents handling data and finances. The raise comes amid rising demand for cross-chain interoperability across the crypto ecosystem. Lit Protocol provides a decentralized network and SDK that lets developers use NFTs and on-chain conditions as access keys to gated content, livestreams, documents, metaverse spaces, and other resources. The protocol leverages encryption (BLS threshold encryption), a network of nodes, and integrations with all EVM chains (including Ethereum, Polygon, BSC) and storage providers like Ceramic to provision decryption keys and enforce token-gated access. It supports token gating for IPFS and Google Drive content, Cloudflare livestreams and Zoom meetings, Gather.Town spaces, Shopify drops, and in-app offers via LitGateway.com. The team of six runs the company from San Francisco and plans to convert the project into a decentralized autonomous organization (DAO) in the future. Lit Protocol emphasizes data sovereignty and low compute usage for its access-control layer while enabling interoperability use cases such as gated game assets and downloadable 3D models. The company raised $2.2 million to build out the network and expand developer adoption.

Total raised

$15M

Funding rounds

2

Latest round

Series A

Latest activity

Sep 2022