Allbridge cross-chain bridge raises $2 million from Race Capital

Allbridge, the company behind the cross-chain bridge, has secured $2 million in funding from venture firm Race Capital, ForkLog reports, according to representatives of the project.

Launched in July 2021, Allbridge enables users to transfer assets across blockchains. The bridge supports ten networks, including Solana, Terra and Celo.

Since launch, more than $5 billion in assets have flowed through the service. According to DeFi Llama, the total value locked in its smart contracts exceeds $469 million.

“Five months after launch, Allbridge attracted assets into the Solana ecosystem totaling more than $1 billion, expanding access to DeFi benefits on this blockchain for holders of more tokens,” said Anatoly Yakovenko, co-founder of Solana.

The company will allocate the investment to expanding its staff, notably hiring developers and business specialists. The funds will also be used to scale the platform, conduct additional security audits and integrate with new networks.

In December 2021, Binance Labs led a funding round for the cross-chain protocol Multichain, which attracted $60 million in investments.

Follow ForkLog news on VK.