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Paradigm, Coinbase back Across Protocol’s $41m raise for cross-chain interop

Cross-chain bridge platform Across has secured $41 million in a strategic token sale that attracted the participation of top venture capital firms in the crypto industry.

The funding is part of Across Protocol’s effort to unify Ethereum eth-7.75%Ethereum via a cross-chain, intent powered interoperability. Across shared this via an announcement on March 4

Why does this matter?

web3 growth has seen top Ethereum layer 2 scaling solutions offer significant improvements in scalability and reduction of transaction costs. However, there is the effect of fragmented liquidity and the barrier of user experience amid disconnected chains.

Intents is the new infrastructural push that targets a unified chain experience for users. The Ethereum Foundation recently unveiled plans for intents adoption and Across’ goal is to bring this to users.

Funding provides for capital injection that will help put this into action. 

“Our goal from inception is to accelerate the transition to seamless crosschain experiences when users move between two chains. Our north star has always been two-second-bridging, no matter how many chains are involved. This latest raise further empowers us to achieve that vision,” the Across Protocol team noted in a blog post