CBTC, the first cross-chain bridge project on Cardano, recently announced that it has completed the first-round funding by a market valuation of $12 million. The funding was led by ArkStream Capital, DCI, Shima Capital and Lancer Capital, among other institutions. The funds will be utilized to expand the development team and support more token cross-chain migration on Cardano.

Currently, the first-phase testing has finished on the CBTC testnet and the second phase of testing is undergoing and updating. Also, code audit has been conducted simultaneously.

As the first cross-chain bridge on Cardano, CBTC is committed to bringing mainstream crypto assets into the Cardano ecosystem, and eventually realizing the linkage to multichains and multilayers. CBTC aims to be equipped with outstanding cross-chain service capabilities of centralization and complete decentralization.

It’s reported CBTC will start asset custody cooperation with the globally well-known trust company Huobi Trust to ensure the security of cross-chain assets. Huobi Trust Company Limited (Huobi Trust) is an indirect wholly-owned subsidiary of Huobi Technology Holdings Limited (stock code: 1611). As a compliant digital asset trust and custodian services company that is committed to serve our global clients, Huobi Trust is a registered Trust Company under the Hong Kong Trust Ordinance and is fully licensed under Hong Kong Trust or Company Service Provider (TCSP) license.

Cardano now is one of the most potential mainstream public chains, so CBTC would provide better cross-chain experience and technical collaboration for the emerging high-quality projects on Cardano.