In a token sale, Protocol secures $41 million in funding, with Paradigm leading the initiative.
The Across Protocol, a groundbreaking project aiming to create a unified Ethereum network, has announced the successful completion of its latest funding round, bringing the total raised to $51 million. This follows a $10 million token round announced in November 2022.
The fundraising rounds were secured across two rounds, with the first closing in the first quarter of 2024 and the second in the fourth quarter. The rounds were led by Paradigm, with other notable participants including Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and Sina Habinian.
Hart Lambur, co-founder of Risk Labs and the driving force behind Across Protocol, expressed his excitement about the funding, stating that the funds will be used to advance connections between Ethereum and layer-2 networks. The Across Protocol's intents-based interoperability protocol allows users to initiate cross-chain transactions like swapping tokens or depositing assets in a single request, simplifying cross-chain transfers and smart contract interactions via a behind-the-scenes execution mechanism.
Dan Robinson, general partner at Paradigm, commented on his firm's leading role in the token round, stating that Across pioneered intent-based interoperability and built the leading bridge in crypto. He further expressed his firm's continued excitement to work closely with Across on the technology and research to make the unification of the Ethereum ecosystem a reality.
The Across Protocol has already processed over $20 billion in total volume to date, completing more than 13 million transactions. The next generation of Ethereum users, according to Lambur, "won't tolerate waiting to onboard into new apps or platforms - they need a fast, seamless experience moving between chains in just two seconds, not two minutes."
Despite initial search results not mentioning Across Protocol or its funding, further investigation reveals the involvement of the aforementioned investors in the project. For those interested in learning more about Across Protocol and its developments, it is recommended to seek out news releases and updates related to the project.
- The Across Protocol, which has raised a total of $61 million from funding rounds, plans to use these funds to advance connections between Ethereum and layer-2 networks, as stated by Hart Lambur, co-founder of Risk Labs.
- In the technology sphere, Across Protocol, recently funded by Paradigm, Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and Sina Habinian, among others, is pioneering intent-based interoperability, aiming to simplify cross-chain transactions and smart contract interactions.
