deBridge Announces $5.5m Fundraising Five Months After Winning Chainlink Hackathon
deBridge has closed a funding round led by ParaFi Capital.
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deBridge has closed a $5.5 million funding round.
deBridge Announces Seven-Figure Raise
deBridge, a cross-chain interoperability and liquidity transfer protocol, is delighted to announce the closing of a $5.5 million funding round to bring the new era of cross-chain interoperability.
deBridge is thankful to have the support and backing from great partners including lead strategic partner ParaFi. The round also saw participation from Animoca Brands, Huobi Ventures, Lemniscap, Crypto.com Capital, MGNR, IOSG, Fundamental Labs, bitScale, DFG, Chorus, SkyVision Capital, The LAO, GSR, AngelDAO, NeptuneDAO, D64, Axia8 Ventures, Mounir Benchemled, Gabby Dizon, Santiago R. Santos, and others.
deBridge was started as the team had experienced problems with cross-chain interoperability and swaps themselves, and there was no unified and convenient solution. The project commenced during the Chainlink Spring 2021 Hackathon, where the team took the grand prize among more than 140 talented teams worldwide.
deBridge co-founder and project lead Alex Smirnov said of the raise:
“The raised capital will help build infrastructure and decentralized services that allow any protocol to expand to any blockchain networks to achieve greater scalability, while seamlessly interconnecting protocol components in different ecosystems.”
The first step will be the mainnet launch later this year, which will support Ethereum, Binance Smart Chain, HECO, Polygon, and Arbitrum. The first phase of the protocol will enable projects and users to perform cross-chain swaps and bridging and to start integrating with or build on top of deBridge.
Nick Chong, an investment analyst at ParaFi Capital, also commented:
“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.”
Roderick van der Graaf, a managing partner at Lemniscap, added:
“With the advent of a mature multi-blockchain environment, a cohesive web for cross-chain communication has become not only a need but a necessity. Due to its technically sophisticated nature, the ever-evolving notion of “interoperability” is still seen as one of the toughest nuts to crack in the blockchain world. We believe that Alex and the deBridge team have what it takes to tackle the ecosystem fragmentation and bring us closer to user-friendly and efficient multichain vision as the crypto industry moves towards the mainstream adoption.”
deBridge is looking forward to working with their fantastic supporters to facilitate cross-chain interoperability in the blockchain ecosystem and to allow projects and users to build innovative products and primitives, including cross-chain composability of smart contracts and bridging of any arbitrary asset—your favorite NFTs included.
deBridge is a cross-chain interoperability and liquidity transfer protocol that allows truly decentralized transfer of assets between various blockchains. The cross-chain intercommunication of deBridge smart contracts is powered by the network of independent oracles and validators, which are elected by deBridge governance. deBridge protocol is an infrastructure platform and a hooking service that aims to become a standard for:
- Cross-chain composability of smart contracts
- Cross-chain swaps
- Bridging of any arbitrary asset
- Bridging of NFTs
For more information, contact Alex Smirnov at [email protected]