Cross-chain protocol Connext raises $7.5 million

The interoperability-focused blockchain project Connext raised $7.5 million in a strategic funding round, valuing it at $250 million. The Block reports.

Investors include: Polychain Capital, Coinbase Ventures, NGC Ventures, Ethereal Ventures, Polygon Ventures, IOSG Ventures, Fenbushi Capital, KXVC, a_capital, No Limit Holdings, 1k(x), #Hashed, Factor, Scalar Capital and Dokia Capital.

The funds will be used to establish the Connext Foundation to fund projects aimed at scaling the project, community initiatives, and other long-term growth strategies.

Connext reported 20,000 users and more than 1.2 million transactions processed. The project’s total funding to date stands at $23.5 million.

In March 2021, Connext raised $2.2 million in seed funding from Huobi and Polychain Capital. In July, 82 investors supported the project in a $12 million funding round.

In February 2023, Connext unveiled the Amarok update. It will enable developers to create cross-chain-applications.