• Chain-crossing bridge Allbridge receives $2 million in funding from early Solana and FTX investors

  • Allbridge, a cross-chain bridge between EVM and non-EVM compatible blockchains, announced a $2 million funding round lead by Race Capital today.

    Putting a lot of money on Solana’s largest cross-chain bridge

    One of the market’s most ambitious cross-chain bridges has just closed a $2 million investment round, which it intends to use to integrate even more networks into its service.

    Allbridge stated in a press release provided with CryptoSlate that the investment round was led by Race Capital, a $100 million venture capital fund founded by Edith Yeung, one of the early investors in Solana. Solana Yeung’s $250,000 investment in 208 is now worth more than $1 billion, and the VC newbie is now betting big on Allbridge.

    Chris McCann, a Race Capital partner, believes that the future will be interoperable and that Allbridge has the ability to establish itself at the core of the multi-chain world by connecting all blockchain ecosystems.

    Allbridge has already bridged over $4.8 billion in assets spanning Ethereum, Solana, Fantom, Avalanche, Terra, Polygon, Binance Smart Chain, AURORA, Celo, and Huobi ECO Chain in just seven months since its start. Over $1.8 billion of it was crossed to Solana, making it the largest cross-chain bridge in the world.

    Andriy Velykyy and Yuriy Savchenko, the founders of Allbridge, stated that the demand for simple cross-chain bridges has become crucial, as users no longer want to limit themselves to a single chain. Allbridge differs from other cross-chain infrastructures on the market in that it connects non-EVM compatible blockchains such as Solana and Terra, as well as EVM-based networks such as Ethereum, Polygon, and Binance Smart Chain.

    “We want to be the go-to platform that connects every major blockchain and digital asset on the market, allowing billions of token transactions per day,” Velykyy stated. “Cross-chain swaps built on Allbridge are the simplest way to trade any asset between any networks, enabling novel features such as cross-chain lending, in which users can leverage collateral on one chain to acquire an asset on another.”

    He stated that the funds will be used to establish bridges to two other blockchain networks as well as APIs that will allow developers to build dApps on top of Allbridge.

    Allbridge, according to Anatoly Yakovenko, co-founder of Solana and Solana Labs, was one of the key infrastructure layers that helped accelerate Solana’s expansion last year.

    “Five months after introduction, Allbridge has already bridged over $1.7 billion to the Solana ecosystem, helping to expand the advantage of Solana DeFi to holders of more tokens.”

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