Across Protocol Raises $41M From Paradigm, Bain Capital Crypto and Other Top Investors

Across Protocol has raised $41 million in a private token sale led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures and Multicoin Capital.

Across Protocol, the Layer 2 interoperability protocol, has closed $41 million in a private token sale, as part of a broader funding round that saw participation from some big names in crypto.

The round was led by Paradigm, with Bain Capital Crypto, Coinbase Ventures and Multicoin Capital also joining. Podcaster Sina Hibinian joined the round as an angel investor.

Hart Lambur, co-founder of Risk Labs, the organisation behind Across Protocol told The Block that the funding was raised across two tranches with the first tranche closing in Q1 of 2024 and the second tranche in Q4.

The new capital brings the total raised to $51 million, following a $10 million token round announced in November 2022.

The company plans to use the fresh capital to further connect Ethereum and layer-2 networks.

Across Protocol’s intents-based interoperability protocol allows users to initiate crosschain transactions like swapping tokens or depositing assets in a single request. The protocol handles the complexities of executing these requests across various chains and routing them through the optimal liquidity sources.

“The reality is that users today are juggling multiple chains and dealing with Ethereum’s fragmentation – this needs to change,” Lambur said.

Lambur added that the next generation of Ethereum users “won’t tolerate waiting to onboard into new apps or platforms – they need a fast, seamless experience moving between chains in just two seconds, not two minutes.”

According to Lambur, his company is on a mission to make Ethereum feel like one network, no matter how many chains are involved.

According to information on its Website, the protocol has processed over $20 billion in total volume to date, completing more than 13 million transactions.

Commenting on his firm’s participation in the token round, Dan Robinson, general partner at Paradigm said: “Across pioneered intent-based interoperability and used it to build the leading bridge in crypto. We think their vision is the right way to unify the Ethereum ecosystem, and are excited to continue working closely with them on the technology and research to make that happen.”