Cryptocurrency

Cross-chain communication protocol Bridge Network raises $3.8M with backing from FTX Ventures

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Bridge Network, a cross-chain communication protocol has closed its funding spherical that efficiently raised $3.8 million to higher consumer cross-chain experiences.

The funding spherical noticed the participation of quite a few buyers together with FTX Ventures, MEXC International, Blockfinex, Grasp Ventures, Croc Capita, and others. In accordance with the Bridge Network group, the brand new funding will assist them revolutionize the way in which customers transact within the multichain. Particularly, Bridge intends to concentrate on consumer safety, experiences, and scalability.

Whereas commenting on the challenge, Kimberly Adams, co-founder of Bridge Network, defined:

“The cross-chain area remains to be comparatively new, which suggests now we have a good distance left to go — from higher safety design to extra optimized consumer experiences. Bridge Network intends to introduce a extra complete, safe, and pleasant expertise for each the end-user in addition to token issuers seeking to go multichain. The elephant within the room is, after all, safety. Many of the latest hacks have been as a result of failure to comply with primary safety practices, as current cross-chain protocols compromised safety for assembly market demand.“

The Bridge protocol has been in growth for greater than a yr aiming to offer customers will all of the instruments they may have to transact cross-chain with out the necessity to change between platforms. Notably, Bridge Network includes bridging infrastructures that permit token issuers to go multichain. The protocol bridges to implement a double validator system. The protocol additionally has different normal safety measures and has partnered with totally different safety firms to offer customers with most safety.

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Favour Uzoaru, the co-founder of Bridge Network, added:

 “Whereas that is easy in context, the power for tokens to go multichain solves the builders’ dilemma simply. Builders can proceed to develop their challenge on whichever blockchain they see match whereas having their property lay on any blockchain that their consumer calls for. I’m particularly excited to see this within the GameFi area, as video games might decide to construct on their very own blockchains whereas customers leverage the in-game property of its ecosystem to be extra productive on different blockchains.”

The funding will go a good distance in serving to the challenge with its upcoming token launch. Be aware, Bridge Network intends to launch its mainnet within the second quarter of 2022. Initially, the protocol will assist Ethereum Digital Machine (EVM) blockchains and can nevertheless later assist non EVM chains.

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