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CRYPTO NEWS & DATA SPACE

Allbridge Raised $2 Million Funds From Race Capital

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A blockchain bridge is a connection that allows tokens and/or arbitrary data to be transferred from one chain to another. Both chains may have different protocols, rules, and governance models, but the bridge creates a reliable mechanism for both chains to interoperate

Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains, that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future.

To continue its services, Allbridge secures $2 million from a funding round. In a press release shared with CryptoSlate, Allbridge said that the funding round was led by Race Capital, a $100 million VC fund started by Edith Yeung, one of the first investors in Solana. The $250,000 investment in Solana Yeung made in 208 is now worth over $1 billion—and the VC newcomer is now betting big on Allbridge.

“We want to be the go-to platform that bridges every popular blockchain and digital asset on the market, enabling billions of token transfers on a daily basis,” said Velykyy. “Cross-chain swaps built on Allbridge are the easiest way to exchange any asset between any networks, enabling new functionality like cross-chain lending where users can leverage collateral on one chain in order to receive an asset on another chain.”— Allbridge’s founders Andriy Velykyy and Yuriy Savchenko

Chris McCann, a 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 of the blockchain ecosystems together.

“Allbridge has already bridged over $1.7 billion to the Solana ecosystem five months after launch, helping extend the advantage of Solana DeFi to holders of more tokens.”— Anatoly Yakovenko, the co-founder of Solana and Solana Labs

ABOUT Allbridge
Allbridge is a fast, affordable and secure way of moving liquidity between EVM, non-EVM, and L2 blockchains.

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