In the ever-evolving landscape of blockchain technology, the concept of a multichain future is gaining traction. This sentiment was echoed in the venture capital sphere this week, as several startups dedicated to facilitating cross-chain interoperability in the crypto space secured significant funding rounds.
Venturing into Cross-Chain Solutions: Delegate Labs and Clusters Protocol
Delegate Labs, backed by Arrington XRP Capital, Electric Capital, Variant, and other notable investors, announced a $9 million seed funding round. The focus of this investment is Delegate's development of Clusters, a cross-chain name service protocol.
Clusters aims to provide users with a unified naming system across various wallets and blockchain networks. Leveraging the LayerZero interoperability protocol, which recently raised $120 million in Series B funding, Clusters intends to offer features akin to Ethereum Name Service but with support for multiple chains.
Fostering Interoperability: Squid's Strategic Funding Round
Another noteworthy development in the cross-chain domain is Squid, a cross-chain routing protocol that disclosed a $4 million strategic funding round. Led by Polychain and backed by various crypto-focused venture firms, Squid's mission revolves around enhancing interoperability between blockchain networks.
Acting as bridges, routers facilitate seamless communication and asset transfers across disparate blockchains, thus simplifying transactions and circumventing the need for centralized exchanges or intricate bridging mechanisms. Squid's expansion plans include broader integration with decentralized applications (dapps), spanning from decentralized finance (DeFi) to gaming.
Exploring the World of Decentralized Exchanges: Portal's Fundraising Journey
On the decentralized exchange (DEX) front, Portal, a bitcoin-focused DeFi project, garnered $34 million in funding to develop an atomic swap-based DEX. Despite previous fundraising efforts in 2021, Portal's product launch is still pending, prompting scrutiny from retail investors. Similarly, Cube.Exchange secured a $12 million
Series A funding round for its forthcoming trading platform, prioritizing user protection against founder risk.
Venturing Into Crypto: Uncorrelated Ventures' $315 Million Fund
In the venture capital landscape, Palo Alto-based Uncorrelated Ventures raised a substantial $315 million fund, allocating 20% of its capital to crypto investments. This move signals a potential resurgence in crypto venture funding, particularly considering Uncorrelated Ventures' limited crypto investments in 2023. Notable holdings in its crypto portfolio include Hidden Road, a crypto brokerage, and Archimedes, a DeFi marketplace.
Uncorrelated Ventures' fundraising initiative mirrors the trend observed in the VC space, exemplified by Lightspeed Faction's $285 million blockchain-focused fund raised in November 2023. This influx of capital into the crypto sector underscores growing confidence in the industry's long-term prospects and its pivotal role in shaping the future of finance.
As blockchain technology continues to mature and adoption rates soar, cross-chain ventures and strategic investments are poised to drive innovation and foster greater interoperability across blockchain networks, unlocking new avenues for growth and collaboration in the digital asset ecosystem.
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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