Allbridge Raises $2M to Expand Cross-Chain Token Bridge

Allbridge, a span for cross-chain transfers of integer assets, has announced a $2 cardinal backing circular led by Race Capital. The caller backing volition assistance treble the Allbridge squad successful engineering and concern roles implicit the coming months, arsenic good arsenic put successful level scalability, Allbridge co-founder Andriy Velykyy told CoinDesk successful an email.

“We’re besides conducting extended information audits to guarantee idiosyncratic and plus information arsenic we proceed to standard and link much chains and protocols," said Velykyy. “Our extremity has ever been to span the Web 3 ecosystems unneurotic and this backing volition assistance america determination adjacent faster successful achieving this mission.”

Network congestion and precocious transaction costs oregon state fees connected Ethereum person driven the maturation of furniture 2 blockchains and sidechains that run parallel to the Ethereum mainnet. There are besides a fig of abstracted blockchains that tin tally astute contracts, including Solana and Avalanche.

Launched 7 months ago, San Francisco-based Allbridge serves arsenic a span for transferring assets betwixt Ethereum Virtual Machine (EVM) and non-EVM compatible blockchains. Supported chains see Solana, Avalanche, Fantom, Celo, Polygon, Ethereum, BSC and Terra.

There are presently $474.7 cardinal successful tokens locked successful contracts connected the Allbridge protocol, according to DeFiLama data.

Allbridge is moving connected APIs that would let developers to physique decentralized applications (dapps) connected the protocol.

“Cross-chain swaps built connected Allbridge are the easiest mode to speech immoderate plus betwixt immoderate networks, enabling caller functionality similar cross-chain lending wherever users tin leverage collateral connected 1 concatenation successful bid to person an plus connected different chain,” said Velykyy successful a property release.

“Allbridge has already bridged implicit $1.7 cardinal to the Solana ecosystem 5 months aft launch, helping widen the advantages of Solana DeFi to holders of much tokens. Allbridge is 1 of the enabling infrastructure layers helping marque this happen,” said Anatoly Yakovenko, co-founder of Solana and Solana Labs.