allbridge, a cross-chain bridge between EVM and non-EVM-compliant blockchains, announced today that it has raised $2 million in a round led by Race Capital.
Strong commitment to the largest crossed chain bridge in Solana
One of the most ambitious cross-chain bridges on the market has just closed a $2 million funding round and plans to use it to integrate even more networks into its offering.
In a press release shared with CryptoSlate, Allbridge said that the funding round was led by Race Capital, a $100 million venture capital fund started by Edith Yeung, an early investor in Solana. The $250,000 investment in Solana Yeung made in 208 is now worth more than $1 billion, and the VC newcomer is now betting big on Allbridge.
Chris McCann, Partner at Race Capital, believes that the future will be interoperable and that Allbridge has the potential to position itself at the center of the multi-chain world and connect all blockchain ecosystems.
Just seven months after its launch, Allbridge has bundled over $4.8B in assets across Ethereum, Solana, Fantom, Avalanche, Terra, Polygon, Binance Smart Chain, Chain AURORA, Celo and Huobi ECO. More than $1.8 billion of that amount was connected to Solana, making it the largest cross-chain bridge in Solana.
Allbridge founders Andriy Velykyy and Yuriy Savchenko said demand for simple cross-chain bridges has become critical as users no longer want to be limited to a single chain. What sets Allbridge apart from other cross-chain infrastructures on the market is that it bridges non-EVM-compliant blockchains like Solana and Terra, not just EVM-based networks like Ethereum, Polygon, and Binance Smart Chain.
“We want to be the go-to platform that unites all the popular blockchain and digital assets on the market, enabling billions of token transfers on a daily basis,” Velykyy said. “Cross-chain swaps built on Allbridge are the easiest way to trade any asset between any network, enabling new functionality like cross-chain lending where users can leverage collateral on one chain to receive an asset on another chain.”
He said that the funds will be used to introduce bridges to two more blockchain networks and create APIs that will allow developers to build dApps on top of Allbridge.
Anatoly Yakovenko, co-founder of Solana and Solana Labs, said Allbridge was one of the enabling infrastructure layers that helped fuel Solana’s growth last year.
“Allbridge has already connected over $1.7 billion to the Solana ecosystem five months after launch, helping extend the Solana DeFi advantage to more token holders.”
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