deBridge Raises $5.5M Five Months After Winning Chainlink Hackathon – deBridge, a decentralized transfer protocol, announces its funding round has raised a total of $5.5 million. According to deBridge, the funding round was backed up by their great partners including lead strategic partner ParaFi.
It can be recalled, during the Chainlink Spring 2021 Hackathon, deBridge won the grand prize competing with 140 other talented teams worldwide. Five months later, the firm has managed to attract several huge investors on its funding round.
To highlight, the Animoca Brands, Huobi Ventures, Crypto.com Capital, LAO, GSR, AngelDAO, NeptuneDAO, D64, Axia8 Ventures, Mounir Benchemled, Gabby Dizon, Santiago R. Santos, Krypital, MarketAcross, and several others participated in the round.
Lemniscap, one of the investors, shared their excitement on working with deBridge. On a twitter post, the investment firm stated,
We are thrilled to announce our investment in @debridgeFinance! By leveraging @chainlink's network of oracles, deBridge is taking a unique approach to address the interoperability dilemma in a decentralised fashion. Looking forward to working together with @PhenomGeek and team! pic.twitter.com/9kQUvijnhB
— Lemniscap (@Lemniscap) September 7, 2021
Of note, 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/validators which are elected by deBridge governance.
According to co-founder and project lead Alex Smirnov,
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
In detail, deBridge shared that the first step will be the mainnet launch later this year. Whereas, the mainnet will support Ethereum, BSC, HECO, Polygon, and Arbitrum. Respectively, deBridge will let projects and users perform cross-chain swaps and bridging in its first phase.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.