The Across platform raised $41 million in a new funding round to advance cross-chain interactions within the Ethereum ecosystem.
Why Does This Matter?
Web3 growth has demonstrated significant improvements in scalability and reduction of transaction costs on Ethereum. However, there remains the issue of fragmented liquidity and the complexity of user experience due to disconnected chains. The early initiative by the Ethereum Foundation to implement 'intents' aims to unify the user experience when moving between different chains. The new funding will accelerate the implementation of these technologies.
Backing from Paradigm and Coinbase Ventures
The funding round was led by Paradigm, with support from Coinbase Ventures, Bain Capital Crypto, and Multicoin Capital. Angel investor Sina Habinian also backed the initiative. With the acquired funds, Across plans to speed up the development of its infrastructure and expand the capabilities for integrating new technologies into the cross-chain processes.
The Future of Interactions in Web3
Across sees these developments as critical to the future of Web3. A unified chain experience will allow users to freely move between functionalities of different blockchains without being limited by their current capabilities. This approach will be a significant step towards achieving a unified chain interaction.
Thanks to the new funding round, Across Protocol will strengthen its infrastructure and speed up the implementation of technologies to improve interactions between various blockchains.
