After winning grand prize in Chainlink Spring 2021 Hackathon, deBridge Raises $5.5M in spectacular funding round

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Sep 8, 2021
  • deBridge is a liquidity transfer protocol enabling decentralized asset transfer between blockchains
  • network of independent validators powers cross-chain intercommunication of deBridge smart contracts
  • deBridge mainnet will support BSC, Ethereum, Polygon, Arbitrum

Five months after winning the Chainlink (LINK/USD) Hackathon this spring, deBridge announced it had raised a total of $5.5 million in a funding round backed by Lemniscap, ParaFi, and other notable partners. The decentralized transfer protocol won the biggest prize in the hackathon, where it competed with 140 other establishments from all over the world.

Attracting huge investors just months later

Just five months later, the protocol succeeded in drawing a few huge investors to its funding round. Among those who took part in the round were Crypto.com Capital, LAO, GSR, the Animoca Brands, Huobi Ventures, AngelDAO, NeptuneDAO, Gabby Dizon, Santiago R. Santos, D64, Axia8 Ventures, Mounir Benchemled, Krypital, MarketAcross, and a few others.

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Lemniscap, one of the main investors, expressed great satisfaction about cooperating with deBridge. The investment firm tweeted,

“We are thrilled to announce our investment in @debridgeFinance! By leveraging @chainlink’s network of oracles, deBridge is taking a unique approach to address the interoperability dilemma in a decentralised fashion. Looking forward to working together with @PhenomGeek and team!”

It is notable to point out that deBridge is a cross-chain liquidity and interoperability transfer protocol that makes it possible to transfer assets between different blockchains in a manner that’s truly decentralized. A network of independent validators/oracles, chosen by deBridge governance, powers the cross-chain intercommunication of deBridge smart contracts.

Protocol co-founder and project lead Alex Smirnov said:

“The raised capital will help build infrastructure and decentralized services that allow any protocol to expand to any blockchain networks to achieve greater scalability, while seamlessly interconnecting protocol components in different ecosystems.”

deBridge mainnet launches this year

According to deBridge, the first step will be the launch of their mainnet, expected to happen sometime this year. The mainnet will support a number of ecosystems, including BSC, Ethereum (ETH/USD), Polygon (MATIC/USD), HECO, and Arbitrum. The protocol will allow users and projects to perform bridging and cross-chain swaps in its first phase.

Record-breaking developer turnout at Hackathon

Chainlink wrote that the Spring 2021 Chainlink Hackathon witnessed record-breaking developer turnout with participants from over 170 countries, over 4,000 signups, and more than 140 submitted projects. Multiple blockchains across the ecosystem were represented.

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