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January 21, 2022
Crypto News

Solana-based cross-chain bridge Allbridge raises $2M to support growth

Allbridge, a cross-chain bridge that lets customers switch belongings between completely different blockchain networks, in the present day introduced $2 million in funding led by Race Capital. Allbridge affords a easy manner to bridge tokenized belongings between Ethereum Virtual Machine (EVM) and non-EVM suitable blockchains.

In the seven months since launch, Allbridge has bridged over $4.8B in belongings, making it the most important cross-chain asset bridge supporting Solana, Fantom, Avalanche, Celo, Polygon, Ethereum, BSC, Terra, and extra.

Founded by Andriy Velykyy and Yuriy Savchenko, who’ve labored collectively since 2016 on many various crypto funds integrations and non-custodial multi-chain crypto wallets, Allbridge goals to join all types of layer-1 and layer-2 networks to carry extra interoperability to DeFi.

Not solely does Allbridge allow customers to work together with and switch belongings between EVM-based blockchains like Ethereum, Polygon, and BSC, it additionally bridges non-EVM suitable blockchains like Solana and Terra.

“We want to be the go-to platform that bridges every popular blockchain and digital asset on the market, enabling billions of token transfers on a daily basis. We’re also working on APIs that will enable developers to build dApps on top of Allbridge. Cross-chain swaps built on Allbridge are the easiest way to exchange any asset between any networks, enabling new functionality like cross-chain lending where users can leverage collateral on one chain in order to receive an asset on another chain.”
– Andriy Velykyy, Co-Founder of Allbridge

Allbridge allows customers to choose the community they need to present the liquidity to with simply a few clicks–each time and wherever they need.

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