UAE Crypto Venture Capitalist firms have invested in cross chain platform Bridge Network. The company raised $3.8M million with backing from FTX Ventures, MEXC Global, Master Ventures, Blockfinex, Vulcan forged as well as investors from the UAE that included Crypto Oasis Sentio, GDA Capital, Abed Group and UAE Cypher Capital. In addition other investors included Block Theory, Fork Ventures, TDefi, and Croc Capital were also on the roster of investors.
The round was conducted as a private token sale, at an average valuation of $29 million between its seed and private round.
As per the release, this raise will accelerate the development of Bridge Network to build a better cross-chain experience for the multichain world.
Bridge Network is building the first cross-chain super dApp to enable seamless transactions between blockchain ecosystems. The cross-chain protocol (CCP) aims to be a one-stop-shop for all major cross-chain activities by providing the tools a user might need to transact in the multichain world. The bridge tool kit is made up of 6 main tools; a NFT bridge, a token bridge, a cross-chain trading platform, cross-chain farming platform, a multi-chain explorer and a token wrapper for any existing token to go cross-chain. For ease of reference, each tool has been assigned a name.
Bridge is amongst one of the first bridging infrastructure that enables any token issuers to go multichain. In layman 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-ly 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’ delima. 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 mainnet is intended to launch in early Q2 2022 while their token launch is right around the corner.