Bridgetown, Barbados, April 6, 2022 — Bridge Network, a cross-chain communication protocol, has closed its $3.8-million funding round with backing from FTX Ventures, MEXC Global, Master Ventures, Blockfinex, Croc Capital and others.
The protocol has been in development for more than a year and has plans to revolutionize the way users transact in the multichain world with a key focus on user experience, security and scalability. The cross-chain super-decentralized app provides all the tools a user might need to transact cross-chain without the need to switch between platforms easily. Token bridging, nonfungible token (NFT) bridging, cross-chain swaps and more can all be done via the Bridge Network platform. The project is incubated by TDeFi with a range of strategic partners, investors and advisors.
Kimberly Adams, co-founder of Bridge Network, said, “The cross-chain space is still relatively new, which means we have a long way left to go — from better security design to more optimized user experiences. Bridge Network intends to introduce a more comprehensive, secure and friendly experience for both the end-user as well as token issuers looking to go multichain. The elephant in the room is, of course, security. Most of the recent hacks were due to failure to follow basic security practices, as existing cross-chain protocols compromised security for meeting market demand.
I’m pleased to say Bridge Network is one of the first bridges to implement a double-validation system, along with the other standard security measures, while working with security partners to be proactive on this front. On the user-experience side, we have consolidated one of the largest databases of cross-chain user feedback. More than 283,000 qualitative data points came through our testnet, which allowed our designers to build a cross-chain experience backed by research. We’ve only scratched the surface on what we have in store, and I’m excited to push the boundaries of cross-chain innovation with our incredible team and partners.”
Bridge Network is among one of the first bridging infrastructures that allow token issuers to go multichain. In layman’s terms, this means if an existing project launches a token or NFT on a blockchain such as Ethereum but would prefer to make it available on Avalanche, the token issuer can — in a permissionless manner — add their token to the Bridge Network platform in less than one minute for users to start bridging.
Favour Uzoaru, co-founder of Bridge Network, said, “While this is simple in context, the ability for tokens to go multichain solves the builders’ dilemma easily. Builders can continue to develop their project on whichever blockchain they see fit while having their assets lay on any blockchain that their user demands. I’m especially excited to see this in the GameFi space, as games may opt to build on their own blockchains while users leverage the in-game assets of its ecosystem to be more productive on other blockchains.”
Bridge Network’s token launch is right around the corner, with its mainnet intended to launch in the early second quarter of 2022, supporting Ethereum Virtual Machine (EVM) blockchains and, later, non-EVM chains.
- Kimberly Adams, director of Bridge Technologies