Cryptocurrency News

$5.5 Million Raised by DeBridge For Swapping Facility Advancements

In the coming years, it has been observed that the cryptocurrency and blockchain industry is undergoing many upgrades and changes. These aspects are going to add a lot to the industry and make it more convenient for the users over time.

At present, one of the most demanded technology within the crypto-verse is interoperability, allowing blockchains to form bridges among each other. This technology is set to be very promising, allowing several blockchains to send and receive assets, without incurring any high fees.

The interoperability between the blockchains offers different use cases to the users that include opportunities and liquidity opportunities. However, this technology also poses a lot of risks and uncertainties that blockchain networks may face.

Several risks also originate with the adoption of the interoperability of blockchains. Therefore, Debridge aims to offer users a safer and protected environment and channel that blockchains can offer in interoperability.

Just recently, DeBridge has reportedly carried out a funding round that has helped it generate a lot of funds. The firm has announced that from the funding round, it has managed to generate $5.5 million. The firm has announced that with the proceeds, it will be able to explore more inside the interoperability technology of blockchains.

The firm has announced that it will be using the proceeds in order to introduce more products and services within the interoperability of the blockchains. According to DeBridge, the particular funding round it had was reportedly led by ParaFi Capital, which is their strategic partner.

Ever since the 2021 Hackathon for Chainlink Spring was held, DeBridge has started making a tremendous contributions to the interoperability sector. It is now adding more and more services and it is introducing more developments in the sector.

Several major firms took part in the funding round making their presence known with their contribution and support for the project. The names of the firms include Axia8 Ventures, Neptune DAO, the LAO, DFG, Crypto.com, Lemniscap, MarketAcross, Kryptical, and Huobi Ventures.

There were several more firms that took part in the funding round but the firms that had their names mentioned were the most prominent ones.

The project lead and co-founder of DeBridge, Alex Smirnov also commented about the completion of the funding round. Smirnov stated that the money they have raised through the recent funding round will help their project introduce more developments and advancements in the project.

The firm will be able to introduce more services in the decentralized world of cryptocurrencies and blockchains. They will be able to expand their network and make their platform accessible through more blockchains.

Their aim is to introduce and help users profit from more ecosystems within the crypto-blockchain sector.

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