Unlocking cross-chain interoperability has the potential to take cryptocurrencies and blockchain technology into the mainstream.
Panama City, Panama, Sept. 7, 2021 — The blockchain industry is set to undergo crucial changes and upgrades over the coming years. Unlocking cross-chain interoperability will usher in new use cases, liquidity sources and opportunities. With this, deBridge acknowledges the potential that lies ahead and aims to facilitate cross-chain swaps and interoperability.
Following the successful funding round of $5.5 million, deBridge can continue to explore opportunities in the cross-chain space. With the help of lead strategic partner ParaFi Capital, the team is making tremendous headway since its inception during the Chainlink Spring 2021 Hackathon. Participants in the investment round include Huobi Ventures, Krypital, MarketAcross, Lemniscap, Crypto.com, DFG, the LAO, Neptune DAO, Axia8 Ventures and many others.
Alex Smirnov, co-founder and project lead of deBridge, commented:
“The raised capital will help build infrastructure and decentralized services that allow any protocol to expand to any blockchain networks to achieve greater scalability, while seamlessly interconnecting protocol components in different ecosystems.”
The funding will help the team launch deBridge on the mainnet later in 2021. The first iteration of the protocol will support the Binance Smart Chain, Ethereum, Polygon, HECO and Arbitrum cross-chain swaps and interoperability. Both projects and users can perform cross-chain actions and engage in bridging. Additionally, developers can start building new and more complex solutions on top of deBridge from that point forward.
Roderik van der Graaf, managing partner at Lemniscap, stated:
“With the advent of a mature multi-blockchain environment, a cohesive web for cross-chain communication has become not only a need but a necessity. Due to its technically sophisticated nature, the ever-evolving notion of ‘interoperability’ is still seen as one of the toughest nuts to crack in the blockchain world. We believe that Alex and the deBridge team have what it takes to tackle the ecosystem fragmentation and bring us closer to user-friendly and efficient multichain vision as the crypto industry moves toward mainstream adoption.”
The cross-chain nature of deBridge will give rise to new and better smart contracts as well as the bridging of arbitrary assets. Moreover, that asset list will not just entail cryptocurrencies and tokens but also nonfungible tokens.
DeBridge is a cross-chain interoperability and liquidity transfer protocol that allows the truly decentralized transfer of assets between various blockchains. The cross-chain intercommunication of deBridge smart contracts is powered by the network of independent oracles or validators which are elected by deBridge governance. The deBridge protocol is an infrastructure platform and hooking service which aims to become a standard for:
- Cross-chain composability of smart contracts.
- Cross-chain swaps.
- Bridging of any arbitrary asset.
- Bridging of NFTs.