deBridge Secures $5.5 Million in Funding To Unlock Cross-Chain Composability Potential
Cross-chain interoperability is in high demand among crypto and blockchain enthusiasts. However, unlocking the true potential of a connected ecosystem requires innovative solutions. deBridge is confident it can make this vision come true and raised $5.5 million in the process.
Why Cross-Chain Solutions Matter
Despite the growing number of blockchains, they still lack one crucial aspect. Building siloed ecosystems is not the true purpose of decentralized technology. Instead, there is an increasing need for blockchains capable of interacting with one another. That interoperability extends to transferring value, building new applications and services, and much more.
The easier way to create a connection between blockchains is by building bridges. In most cases, a bridge will connect two or three blockchains. A viable approach, but one that leaves much to be desired. There are thousands of ecosystems on the market today. Supporting all of them is nigh impossible, but deBridge is confident they can make a meaningful impact in this segment. It is not the first bridge-oriented solution, though.
Over the years, there have been multiple attempts at connecting different blockchains. Most projects focus on Ethereum and one or two other chains. Others, like WanChain or RenVM , include Bitcoin, Zcash, Binance Smart Chain, et cetera. All of these efforts are viable, yet they seem incapable of captivating a broader audience. Finally, a venture like the Free Ton Bridge creates a connection between Ton and Ethereum, and that’s it.
What deBridge offers is a bit different and more advanced. The team has made quick progress for a project that only appeared during the Chainlink Spring 2021 Hackathon. Creating a bridge between Ethereum, Arbitrum, Polygon, HECO, and Binance Smart Chain is no small feat. Users will be able to perform cross-chain swaps and bridging, including transferring other assets such as NFTs.
deBridge Raises $5.5 Million
The plans by deBridge attract a lot of attention. With the help and backing from leader strategic partner ParaFi Capital, the team took an essential first step. Moreover, the team has now completed a funding round to the tune of $5.5 million. Notable investors include Krypital, Animoca Brands, AngelDAO, MarketAcross, D64, Gabbi Dizon, bitScale, and many others. Prominent investors in the crypto and blockchain space start noticing deBridge and the service it will provide.
ParaFi Capital investment analyst Nick Chong states:
“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.”
The deBridge team expects to launch its solution on the mainnet later in 2021. Facilitating cross-chain interoperability in the blockchain ecosystem is an ongoing process. Developers can build on deBridge’s technology stack to create enhanced smart contracts, products, and primitives. Being able to transfer assets and NFTs across different blockchains can bring more people into the cryptocurrency fold.
Ultimately, the team aims to facilitate smart contracts’ cross-chain composability and bridge any arbitrary assets. There is tremendous potential to explore in these segments. No other solution can offer this functionality today. The time has come to unify the community and ecosystem users rather than dividing them even further.