Cross-chain communication protocol Bridge Network raises $3.8M with backing from FTX Ventures

Bridge Network, a cross-chain communication protocol has closed its funding round that successfully raised $3.8 million to better user cross-chain 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 the multichain. Specifically, Bridge intends to focus on user security, experiences, and scalability.

While 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 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 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.“

The Bridge protocol has been in development for more than a year aiming to provide users will all the tools they might need to transact cross-chain without the need to switch between platforms. Notably, Bridge Network comprises bridging infrastructures that allow token issuers to go multichain. The protocol bridges to implement a double validator system. The protocol also has other standard security measures and has partnered with different security companies to provide users with maximum security.

Favour Uzoaru, the co-founder of Bridge Network, added:

 “While this is simple in context, the ability for tokens to go multichain solves the builders’ dilemma easily. 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 GameFi space, as games may opt to build on their own blockchains while users leverage the in-game assets of its ecosystem to be more productive on other blockchains.”

The funding will go a long way in helping the project with its upcoming token 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.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://zycrypto.com/cross-chain-communication-protocol-bridge-network-raises-3-8m-with-backing-from-ftx-ventures/