Quick take:
- Bain Capital Crypto, Coinbase Ventures and Multicoin Capital also participated in the round, with Sina Habinian joining as an angel investor.
- The fundraising was secured across two rounds with the first round closing in the first quarter of 2024 and the second in the fourth quarter.
- The latest funding brings the total raised to $51 million, following a $10 million token round announced in November 2022.
Across Protocol has raised $41 million in a private token sale led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures and Multicoin Capital. Podcaster Sina Hibinian joined the round as an angel investor.
Hart Lambur, co-founder of Risk Labs, the organisation behind Across Protocol told The Block that the funding was raised across two rounds with the first round closing in the first quarter of 2024 and the second round in the fourth quarter.
According to the announcement, the new capital brings the total raised to $51 million, following a $10 million token round announced in November 2022.
The company plans to use the fresh capital to advance the connections between Ethereum and layer-2 networks.
Across Protocol’s intents-based interoperability protocol allows users to initiate crosschain transactions like swapping tokens or depositing assets in a single request. The protocol simplifies cross-chain transfers and smart contract interactions via a behind-the-scenes execution mechanism.
“The reality is that users today are juggling multiple chains and dealing with Ethereum’s fragmentation — this needs to change,” Lambur said, adding that the next generation of Ethereum users “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.”
According to Lambur, his company is on a mission to make Ethereum feel like a unified network, irrespective of how many chains are involved.
According to information on its Website, the protocol claims to have processed over $20 billion in total volume to date, completing more than 13 million transactions.
Commenting on his firm’s leading role in the token round, Dan Robinson, general partner at Paradigm said in a statement: “Across pioneered intent-based interoperability and used it to build the leading bridge in crypto. We think their vision is the right way to unify the Ethereum ecosystem, and are excited to continue working closely with them on the technology and research to make that happen.”
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