Funds of $41 Million Gathered Through Token Sale Guided by Paradigm in Across Protocol
Across Protocol, a company focused on enhancing connections between Ethereum and layer-2 networks, has raised $51 million in a funding round led by Paradigm. The funds will be used to accelerate the development of the cross-chain bridge infrastructure, aiming to improve interoperability solutions for faster and cheaper asset transfers across blockchain layers.
The funding round also saw participation from Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and Sina Habinian. This latest round follows a $10 million token round announced in November 2022, bringing the total raised by Across Protocol to $51 million. The fundraising was secured across two rounds, with the first round closing in the first quarter of 2024 and the second in the fourth quarter.
Dan Robinson, general partner at Paradigm, commented on his firm's participation, stating that Across Protocol pioneered intent-based interoperability and used it to build the leading bridge in crypto. Hart Lambur, co-founder of Risk Labs, confirmed the details of the fundraising and added that Across Protocol aims to make Ethereum feel like a unified network, regardless of the number of chains involved.
Across Protocol's protocol executes cross-chain transactions behind the scenes, simplifying the process for users. The protocol has processed over $20 billion in total volume to date, completing more than 13 million transactions, as per information on its website.
The fresh capital will be used by Across Protocol to advance its connections between Ethereum and layer-2 networks. According to Lambur, users today are dealing with Ethereum's fragmentation and need a fast, seamless experience moving between chains in just two seconds, not two minutes. The focus on product innovation and expanding network integrations is expected to reduce friction in multi-chain ecosystems, improving bridge security, transaction speeds, and compatibility with multiple layer-2 solutions to facilitate seamless value transfer between Ethereum’s mainnet and its layer-2 networks.
This funding round is a significant step forward for Across Protocol as it continues to develop its cross-chain bridge infrastructure, aiming to strengthen scalability and usability for decentralized applications. The company's vision aligns with Paradigm's, as Robinson added that Across's vision is the right way to unify the Ethereum ecosystem, and Paradigm is excited to continue working closely with them on the technology and research to make that happen.
The funding round, led by Paradigm and joined by Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and Sina Habinian, provides Across Protocol with resources to delve deeper into the realm of podcasts, discussing news surrounding finance and investing, particularly technology-driven innovations in the field of blockchain and cryptocurrency. This exploration will contribute to Across Protocol's mission of improving interoperability solutions and bridging connections between Ethereum and layer-2 networks, ultimately offering users a seamless and quick investing experience across multiple layer-2 solutions.
