Cross-chain bridge solution ChainPort has raised $14 million via a combination of public and private rounds of fundraising.
Over 50 VC funds, including DAO Maker, Shima Capital and LD Capital participated in the fundraise which will help ChainPort expand its multi-chain bridge towards greater interoperability within the crypto sphere.
Other VC funds which backed the innovative cross-chain bridge include Master Ventures, Double Peak, Halvings Cap, Metrix Capital, Fundamental Labs, Tribe Capital, Poolz, Kairon Labs, Maven Capital, Lucid Blue, CoinX, Ghaf Capital, Existential capital, among others.
Furthermore, the fundraise for the project’s native PORTX token will help them execute their roadmap and reach key milestones sooner, ChainPort emphasised.
Specifically, in the remainder of 2022 and the first half of 2023, ChainPort will continue to improve the security and integrity of its bridge, while also increasing its functionality by offering support for stablecoins and NFTs, among other crypto assets.
“Our offering and technology resonated with the market from the beginning, even in the current climate. At ChainPort, we aim to follow our own path and find effective solutions to the most urgent issues blockchain bridges are facing today,” said ChainPort CEO Erez Ben Kiki.
ChainPort is currently the only custodial blockchain bridge with full interoperability. In excess of 140 tokens are currently compatible with ChainPort, and they provide custodian-level security, with 95% of user funds being held in offline “cold wallets”.
The cross-chain bridge solution’s porting volume exceeds $632 million, making it one of the ten most popular bridges.
The project has enjoyed impressive growth, with users flocking to this bridge solution due to its leading security measures and convenient one-click porting solution.
Earlier this month, ChainPort became the first-ever cross-chain bridge to support permissionless token porting to Dogechain, allowing crypto investors to conveniently transfer tokens from numerous supported blockchain ecosystems to Dogechain.
At present, the supported chains include Ethereum, BSC, Polygon, and Fantom, but native token support will be added in due course.
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