ChainSwap raises $3M from investors including Alameda Research and NGC Ventures
Cross-chain asset bridge and application hub ChainSwap has closed a $3 million strategic funding round with participation from some of the biggest names in decentralized finance and the crypto industry.
In an April 7 announcement, ChainSwap stated that it raised the funds in order to accelerate its vision of creating a multi-chain and multi-asset application hub.
Participants included some big names in crypto and DeFi such as Alameda Research, OKEx’s venture arm OK Block Dream Fund, NGC Ventures, Spark Digital Capital, Metaconstant Ventures, CMS Holdings, Rarestone Captial, SRC Capital, DAO Ventures, and a number of others.
The ChainSwap platform allows projects to seamlessly bridge between Ethereum, Binance Smart Chain, and the Huobi Eco Chain (Heco). It plans to add cross-chain solutions for Bitcoin, Polkadot, and Solana in the future and has already begun with a Polkastarter bridge launched on March 21.
The protocol currently supports 18 tokens from various platforms including stablecoins RAI and FEI, Polkastarter’s POLS, Vortex VTX token, Strongblock’s STRONG, and a number of more obscure listings which can be seamlessly swapped between the three currently supported blockchains.
It plans to launch its own token which will be airdropped for protocol users and holders of the AntiMatter token, MATTER. AntiMatter Finance is a lightweight on-chain DeFi perpetual derivative protocol currently running on testnet.
ChainSwap is one of a number of multi-chain platforms entering the DeFi space in recent months. Decentralized liquidity network THORChain will be launching what it calls a “multichain chaosnet” (MCCN) on April 13.
The multi-chain AMM will compete with the likes of Uniswap v3 when it goes live in early May. Thor’s native token RUNE rallied to all-time highs in late February after Multicoin Capital revealed it had accumulated a large position.