Home News Allbridge attracted $2M from Race Capital

Allbridge attracted $2M from Race Capital

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Allbridge, the company behind the development of the cross-chain bridge, has attracted $2 million in funding from the venture capital firm Race Capital.

Launched in July 2021, Allbridge allows users to transfer assets between blockchains. Moreover, the bridge supports 10 networks, including Solana, Terra and Avalanche.

Since the launch, assets worth more than $5 billion have passed through the service. According to DeFi Llama, the number of total value locked (TVL) in its smart contracts exceeds $524 million.

Assets worth more than $5B have passed through the service

“Allbridge has already bridged over $1.7 billion to the Solana ecosystem five months after launch, helping extend the advantages of Solana DeFi (decentralized finance) to holders of more tokens”. Co-founder of Solana and Solana Labs Anatoly Yakovenko said.

The company is working on Application Programming Interfaces (APIs) that would allow developers to build decentralized applications (dApps) on the protocol.

Allbridge will invest in expanding the staff, in particular, hiring developers and business specialists. The funds received will also go to scale the platform, conduct additional security audits and integrate with new networks.

Multichain raised $60 million

Recall that earlier in December 2021, Binance Labs led a funding round for the Multichain cross-chain protocol, which attracted $60 million in investments. Thus, Three Arrows Capital, Sequoia China, DeFiance Capital, IDG Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures; Primitive Ventures, Magic Ventures and HashKey also participated in the round. Investors estimated the project at $1.2 billion.

Furthermore, Multichain provides infrastructure solutions for 25 popular blockchain ecosystems; including Ethereum, Binance Smart Chain, Fantom, Avalanche, Arbitrum, Moonriver, Polygon and Harmony.

“Aligning with our plan to improve Web3, Multichain will integrate NFT (non-fungible token) Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and DeFi dApps in cross-chain ecosystems”. The project blog said.

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