bridge networka cross-chain communication protocol closed its funding round that successfully raised $3.8 million to improve cross-chain user experiences.
The funding round saw the participation of numerous investors, including FTX Ventures, MEXC Global, Blockfinex, Master Ventures, Croc Capita and others. According to the Bridge Network team, the new funding will help them revolutionize the way users transact in multi-channel. Specifically, Bridge intends to focus on security, user experiences, and scalability.
Commenting on the project, Kimberly Adams, co-founder of Bridge Network, explained:
“The cross-chain space is still relatively new, which means we have a long way to go – from better security design to more optimized user experiences. Bridge Network intends to introduce a more complete, secure, and user-friendly experience for the end user as well as for token issuers who wish to upgrade to multi-chaining.The elephant in the room is, of course, security.Most recent hacks were due to the no -adherence to baseline security practices as existing cross-chain protocols compromised security to meet market demand.”
The Bridge protocol has been in development for over a year with the goal of providing users with all the tools they might need to perform cross-chain transactions without having to switch between platforms. Notably, Bridge Network includes bridging frameworks that allow token issuers to cross to multiple chains. The protocol bridges to implement a dual validator system. The protocol also has other standard security measures and has partnered with different security companies to provide users with maximum security.
Favor Uzoaru, the co-founder of Bridge Network, added:
“While this is simple in context, the ability of tokens to become multi-chain easily solves the dilemma for builders. Builders can continue to develop their project on whatever blockchain they deem appropriate while having their assets built on any blockchain their user requests. I’m especially excited to see this in the GameFi space, as games can choose to rely on their own blockchains while users leverage game assets from its ecosystem to be more productive on other blockchains.
The funding will go a long way to help the project with its upcoming symbolic launch. Note, Bridge Network intends to launch its mainnet in the second quarter of 2022. Initially, the protocol will support Ethereum Virtual Machine (EVM) blockchains and will however later support non-EVM chains.