deBridge Announces $5.5 Million Funding Round To Bring The New Era Of Cross-Chain Interoperability
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deBridge is happy to announce it has successfully completed its funding round that raised $5.5 million.
As per the announcement, deBridge’s new funding will go into helping the cross-chain liquidity transfer and interoperability protocol bring the new era of cross-chain interoperability to NFTs, DeFi, and others within the blockchain space.
The funding round attracted many investors, including ParaFi, Krypital Group, bitScale, Animoca Brands, Crypto.com Capital, Santiago R. Santos, MGNR, Huobi Ventures, Lemniscap, IOSG, Fundamental Labs, DFG, Axia8 Ventures, Gabby Dizon, Chorus, SkyVision Capital, The LAO, GSR, AngelDAO, NeptuneDAO, D64, and others.
Notably, the raised capital will allow deBridge to build an infrastructure and decentralized services that will expand any protocols to any blockchain network. By doing so, deBridge hopes to help achieve greater scalability while seamlessly interconnecting protocol components in different ecosystems.
“We’re looking forward to working with our fantastic investors and long-term supporters to facilitate cross-chain interoperability in the blockchain ecosystem and to allow projects and users to build great products and primitives, including cross-chain composability of smart contracts and bridging of any arbitrary asset, including your favorite NFTs.”
deBridge’s first step includes launching their mainnet launch, which will reportedly support Ethereum, Polygon, BSC, Arbitrum and HECO. In general, deBridge hopes to open up various possibilities to enable projects and developers to perform cross-chain swaps and bridging on top of deBridge.
While commenting on deBridge, Nick Chong, Investment Analyst at ParaFi Capital, stated:
“As DeFi becomes a multi-chain phenomenon, decentralized bridges that can transfer value between distinct ecosystems will become increasingly important. We are excited to support the deBridge team as they build a product that enables the movement of capital between Ethereum, Arbitrum, and beyond.”
Xinshu Dong, Partner at IOSG Ventures, added:
“We are fortunate to be witness to a thriving multi-chain ecosystem where the best of the best technologies are increasingly integrated to serve users and applications better. Along that growth trajectory, efficient cross-chain solutions such as deBridge are in great demand. We have been supporting their mission since early days and look forward to it becoming a key enabler for more liquid asset movements across different blockchains.”
deBridge was created earlier this year during the Chainlink Spring 2021 hackathon. The team behind the project walked away with the grand prize among the more than 140 projects in the event.