Categories: Press Release

Bridge Network raises $3.8M to build better cross-chain experiences with backing from FTX Ventures

Bridgetown, Barbados, 6th April, 2022, Chainwire

Bridge Network, a cross-chain communication protocol, has closed its $3.8M funding round with backing from FTX Ventures, MEXC Global, Master Ventures, Blockfinex, Croc Capital, and others.

The protocol has been in development for over a year and has plans to revolutionize the way users transact in the multichain world with a key focus on user experience, security, and scalability. The cross-chain super-dapp provides all the tools a user might need to easily transact cross-chain without the need to switch between platforms. Token bridging, NFT bridging, cross-chain swaps & more can all be done via the Bridge Network platform. The project is incubated by TDeFi with a range of strategic partners, investors, and advisors.

Co-founder of Bridge Network, Kimberly Adams says, “The cross-chain space is still relatively new which means we have a long way left to go; from better security design to more optimized user experiences. Bridge Network intends to introduce a more comprehensive, secure, and friendly experience for both the end-user and as well as token issuers looking to go multichain. The elephant in the room is, of course, security. Most of the recent hacks were due to failure to follow basic security practices as existing cross-chain protocols compromised security for meeting market demand. I’m pleased to say Bridge Network is one of the first bridges to implement a double validation system along with the other standard security measures while working with security partners to be proactive on this front. On the user experience side, we have consolidated one of the largest databases of cross-chain user feedback. Over 283,000 qualitative data points came through our testnet which allowed our designers to build a cross-chain experience backed by research. We’ve only scratched the surface on what we have in store and I’m excited to push the boundaries of cross-chain innovation with our incredible team and partners.”

Bridge Network is amongst one of the first bridging infrastructures that enables any token issuers to go multichain. In layman’s terms, this means if an existing project launched their token or NFT on a blockchain like Ethereum, but would prefer to make it available on avalanche, the token issuer can permissionless add their token to the Bridge Network platform in under 1 minute for users to start bridging. Favour Uzoaru, Co-founder of Bridge Network noted, “ While this is simple in context, the ability for tokens to easily go multichain solves the builders’ dilemma. Builders can continue to develop their project on whichever blockchain they see fit while having their assets lay on any blockchain that their user demands. I’m especially excited to see this in the game-fi space as games may opt to build on their own blockchains while users leverage the in-game assets out of its ecosystem to be more productive on other blockchains.”

Bridge Network’s token launch is right around the corner with its mainnet intended to launch in early Q2 2022 supporting EVM blockchains and later non-EVM chains.