Interesting Funding alert- A blockchain startup, Multichain, previously called AnySwap, announced a funding of USD 60 million.
The blockchain sector is doing really well and is gaining huge popularity.
Let us talk about blockchain and the startups working in it. Talking about blockchain, it is a distributed database that is shared among the nodes of the computer network. Blockchain stores the information in the electronic mode in the digital format. Blockchain is famous for the important role it plays in cryptocurrency, like bitcoin. It helps in ensuring a secure and decentralized form of transaction.
The basic difference between a blockchain and a typical database is how the structuring of the data is done. A blockchain holds the information together in groups which are called blocks. Traditional database on the other hand consists of tables that have the information. One interesting feature of blockchain is that the data and information cannot be edited in the blocks. It can just be recorded and distributed.
Nowadays we are seeing that there are a lot of startups that are working in the blockchain area. These startups provide assistance in blockchain development solutions and services like private blockchain, applications development services, integrating IoT with blockchain projects, and using the power of AI to access quality data for blockchain-based applications.
Let us now talk about the funding of a blockchain cross-chain protocol provider that has taken place recently.
Announcement of funding of a blockchain startup
The startup, Multichain, has raised a funding of USD 60 million, as announced on December 21, 2021. This round of funding was the seed round of funding and was led by Binance Labs. The other participants of 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 utilize the funds raised in expanding and growing its research and development team which has its focus on crypto algorithms. It also wants to expand its audit team which is aligned towards security and the service team to support more users and more blockchain ecosystems. It also wants to invest a portion of funds in moving forward in its mission to build “the ultimate router for Web 3.0” decentralized networks.
About the blockchain startup that has received funding
The startup, Multichain, was founded in the year 2020 by the name AnySwap. It was initially engaged in providing a cross-chain decentralized exchange service for blockchain assets. The team then grew that groundwork into an interconnection protocol for multiple blockchains networks that allow for the exchange of data, value, and control between them. Now it has a protocol that is robust, fast, and secure for these networks to work in a universal way.
Why the startup, Multichain?
The startup Multichain lists down some features it provides in order to attract more users. The features are as follows-
Non-Custodial +MPC– MPC, the powerful symbol of decentralization, processes Multichain cross-chain bridging and smart contract methods on other chains.
No-Slippage Swap– Multichain’s 1:1 swap enables users to perform 0 slippage transfers and eliminate the hidden cost associated with AMM.
Multichain Router– Multichain Router allows users to swap between any two chains freely. It reduces fees and makes it easier to move between chains.
Currently, the startup has 25 mainstream public blockchains, including Ethereum, Fantom, Harmony, and many others. The number of users on these chains is more than 300,000 and the total locked-in value of assets within the network exceeds USD 5 billion and has more than 1,000 crypto assets that circulate among the different main nets.
About Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web. It is empowering the Decentralized web, where it has its focus on investing in technical teams that build and support the decentralized web. Binance Labs has the mission to be the infrastructure services provider for the blockchain ecosystem. It has the vision to increase the freedom of money around the world. It believes that spreading this freedom can significantly improve lives around the world.
It has been working for more than 3 years, in more than 5 continents, in more than 25 countries, and in more than 100 projects. It gives credit to its people for the success, as it says that it has one of the most talented, hardworking, and passionate teams the world has to offer.
What has been said about the deal?
The co-founder and the CEO of the startup, Multichain, made a statement saying that the startup is now a cross-chain infrastructure that is engaged in connecting more public blockchains and crypto-assets than anyone else. He further said that it is doing all this at very low transaction fees, shorter bridging time, and high security levels.
He then said that keeping in mind the plans of the startup to improve Web3, the startup will integrate the NFT Cross-chain bridge and new anyCall solution, thus giving support to innovative NFT and DeFi dapps in the cross-chain ecosystems.
The startup is working towards something which has become a trend in today’s world. We wish the startup a piece of good luck and a bright and successful future ahead.
Edited and Proofread by Ashlyn Joy