deBridge Raises $5.5M Five Months After Winning Chainlink Hackathon

deBridge, a decentralized transfer protocol, announces its funding round has raised a total of $5.5 million. According to deBridge, the funding round was backed up by their great partners including lead strategic partner ParaFi.

It can be recalled, during the Chainlink Spring 2021 Hackathon, deBridge won the grand prize competing with 140 other talented teams worldwide. Five months later, the firm has managed to attract several huge investors on its funding round.

To highlight, the Animoca Brands, Huobi Ventures, Crypto.com Capital, LAO, GSR, AngelDAO, NeptuneDAO, D64, Axia8 Ventures, Mounir Benchemled, Gabby Dizon, Santiago R. Santos, Krypital, MarketAcross, and several others participated in the round.

Lemniscap, one of the investors, shared their excitement on working with deBridge. On a twitter post, the investment firm stated,

Of note, deBridge is a cross-chain interoperability and liquidity transfer protocol that allows truly decentralized transfer of assets between various blockchains. The cross-chain intercommunication of deBridge smart contracts is powered by the network of independent oracles/validators which are elected by deBridge governance.

According to co-founder and project lead Alex Smirnov,

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

In detail, deBridge shared that the first step will be the mainnet launch later this year. Whereas, the mainnet will support Ethereum, BSC, HECO, Polygon, and Arbitrum. Respectively, deBridge will let projects and users perform cross-chain swaps and bridging in its first phase.

Source: https://coinquora.com/debridge-raises-5-5m-five-months-after-winning-chainlink-hackathon/