Interesting Funding Alert – A blockchain startup, Multichain, formerly known as AnySwap, has announced funding of $ 60 million.
The blockchain industry is doing very well and growing in popularity.
Let’s talk about blockchain and the startups that work on it. Speaking of blockchain, it is a distributed database that is shared among the nodes of the computer network. The blockchain stores information electronically in digital format. Blockchain is famous for the important role it plays in cryptocurrency, like bitcoin. It helps ensure a secure and decentralized form of transaction.
The fundamental difference between a blockchain and a typical database is in the way the data structuring is done. A blockchain groups information into groups called blocks. The traditional database, on the other hand, consists of tables containing information. An interesting feature of blockchain is that data and information cannot be changed in blocks. It can simply be registered and distributed.
Nowadays, we see that there are a lot of startups that are working in the blockchain field. These startups provide assistance in blockchain development solutions and services such as private blockchain, application development services, integrating IoT into blockchain projects, and harnessing the power of AI. to access quality data for blockchain-based applications.
Now let’s talk about the funding of a cross-chain blockchain protocol provider that took place recently.
Funding announcement for a blockchain startup
The startup, Multichain, raised $ 60 million in funding, as announced on December 21, 2021. This funding round was the funding round and was led by Binance Labs. The other participants in this round of funding were Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hydrosphere Ventures, Primitive Ventures, Magic Ventures and HashKey.
The startup plans to use the funds raised to expand and develop its research and development team that focuses on crypto algorithms. It also wants to expand its audit team which is aligned with the security and service team to support more users and more blockchain ecosystems. He also wants to invest some of the funds to move forward in his mission to build decentralized networks “the ultimate router for Web 3.0”.
About the blockchain startup that received funding
The startup, Multichain, was founded in 2020 under the name AnySwap. It was initially engaged in providing a decentralized cross-chain exchange service for blockchain assets. The team then turned this groundwork into an interconnect protocol for multiple blockchain networks that enable the exchange of data, value, and control between them. It now has a robust, fast and secure protocol for these networks to operate universally.
Why the startup, Multichain?
The Multichain startup lists some features it provides in order to attract more users. The characteristics are as follows-
Non-guardian + MPC– MPC, the powerful symbol of decentralization, deals with the methods of multi-chain cross-chain bridging and smart contracts on other chains.
Slip-free exchange– Multichain’s 1: 1 swap allows users to perform 0 slip transfers and eliminate the hidden cost associated with AMM.
Multi-chain router– The multi-chain router allows users to exchange freely between two chains. It reduces costs and makes it easier to move between chains.
Currently, the startup has 25 mainstream public blockchains, including Ethereum, Fantom, Harmony and many more. The number of users on these channels is over 300,000 and the total value of assets blocked within the network exceeds $ 5 billion and has over 1,000 crypto assets flowing between the various major networks.
About Binance Labs
Binance Labs identifies, invests, and empowers entrepreneurs, startups, and viable blockchain communities, providing funding for industrial projects that help grow the broader blockchain ecosystem. Binance Labs is committed to supporting fast-executing technical teams that positively impact the crypto space and build the decentralized web. He strengthens the Decentralized Web, where he focuses on investing in technical teams that build and support the Decentralized Web. Binance Labs is on a mission to be the infrastructure service provider for the blockchain ecosystem. He has the vision to increase the freedom of money in the world. He believes that spreading this freedom can dramatically improve life around the world.
She has been working for more than 3 years, on more than 5 continents, in more than 25 countries, and in more than 100 projects. He honors his staff for success because he says he has one of the most talented, hardworking and passionate teams the world has to offer.
What was said about the deal?
The startup’s co-founder and CEO, Multichain, made a statement saying the startup is now a cross-chain infrastructure that is committed to connecting more blockchains and public crypto assets than anyone else. He added that he does all of this with very low transaction fees, shorter transition time, and high levels of security.
He then said that keeping in mind the startup’s plans to improve Web3, the startup will integrate the NFT Cross-chain bridge and the new anyCall solution, thus supporting innovative NFT and DeFi dapps in cross-chain ecosystems. .
The startup is working on something that has become a trend in the world today. We wish the startup the best of luck and a bright and successful future to come.
Edited and proofread by Ashlyn Joy