The multi-chain bridge hub aims to link Ethereum and BSC, as well as other blockchains.
ChainSwap, a cross-chain asset bridge and application center, has raised $3 million in a strategic investment round led by some of the most well-known names in decentralized finance and the crypto industry.
ChainSwap reported in an April 7 announcement that the funds were raised to help it realize its goal of being a multi-chain and multi-asset application center.
Alameda Research, OKEx’s investment arm OK Block Dream Fund, NGC Ventures, Spark Digital Capital, Metaconstant Ventures, CMS Holdings, Rarestone Capital, SRC Capital, DAO Ventures, and a host of others were among the attendees.
The ChainSwap platform enables projects to link Ethereum, Binance Smart Chain, and Huobi Eco Chain in real time (Heco). It intends to incorporate cross-chain solutions for Bitcoin, Polkadot, and Solana in the future, and has already started with the Polkastarter bridge, which was launched on March 21.
The protocol currently supports 18 tokens from different platforms, including the stablecoins RAI and FEI, Polkastarter’s POLS, Vortex’s VTX token, Strongblock’s STRONG, and a variety of other less well-known listings that can be seamlessly switched between the three blockchains currently supported.
It intends to launch its own token, MATTER, which will be distributed as an airdrop to protocol users and holders of the AntiMatter token. AntiMatter Finance is a testnet-only lightweight on-chain DeFi perpetual derivative protocol.
ChainSwap is one of a number of multi-chain platforms that have recently entered the DeFi domain. On April 13, the decentralized liquidity network THORChain will launch a multichain chaosnet (MCCN).
When it launches in early May, the multi-chain AMM will contend with the likes of Uniswap v3. RUNE, Thor’s native token, soared to new all-time highs in late February after Multicoin Capital announced it had built up a sizable spot.