1. BITBILIHome
  2. Article

Wormhole protocol gets $50M backing – here’s how it will change the blockchain landscape

• 36 views

TL;DR Breakdown

  • A fund worth $50 million has been introduced to provide support to startups utilizing the Wormhole cross-chain messaging protocol.
  • Wormhole serves as a cross-chain messaging protocol, facilitating communication between different blockchain networks.
  • Wormhole has expanded its network of partners, including being chosen as the official bridging protocol for cross-chain governance between Ethereum and BNB Network.

A fund worth $50 million has been introduced to provide support to startups utilizing the Wormhole cross-chain messaging protocol, as announced on May 18. Borderless Capital, a venture capital fund, will manage the fund, which has received backing from more than 20 blockchain development teams and venture capital firms, including Circle, Polygon Ventures, Solana Foundation, and JumpCrypto, among others. 

The fund aims to assist startups that are creating innovative applications, infrastructure, or tools that span multiple blockchain ecosystems, promoting the idea that utilizing more than one blockchain can effectively address users’ problems.

David Garcia, CEO & Managing Partner of Borderless Capital, expressed his belief that the new fund will contribute to the growth of the Web3 economy and enable applications to attract new users. He emphasized the goal of empowering builders to overcome the limitations of individual ecosystems, thereby unlocking the full potential of blockchain applications and protocols.

How Wormhole serves

The protocol serves as a cross-chain messaging protocol, facilitating communication between different blockchain networks. It is commonly used to bridge assets from one network to another. For example, it allows users to transfer Ether (ETH) from the Ethereum network to the Solana network. The protocol is connected to more than 20 different networks, according to the announcement.

Several other cross-chain messaging protocols, such as LayerZero, Celer, and DeBridge, exist alongside Wormhole. The platform has expanded its network of partners in recent months, including being chosen as the official bridging protocol for cross-chain governance between Ethereum and BNB Network by crypto exchange Uniswap in January. Additionally, on April 26, Wormhole integrated with Circle’s Cross-Chain Transfer Protocol, facilitating simpler transfers of US Dollar Coin from Ethereum to Avalanche.

It is worth noting that Wormhole has faced security concerns in the past. In February 2022, the Solana bridge associated with Wormhole experienced a hack resulting in $321 million in losses. However, developers promptly addressed the faulty code that led to the exploit and reimbursed all affected users.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Wormhole protocol gets $50M backing – here’s how it will change the blockchain landscape

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月20日 04:30
Next 2023年5月20日 06:12

Related articles

  • Ripple’s court win could echo in Coinbase and Binance’s legal Fights, says Ripple’s Chief Legal Chief

    TL;DR Breakdown Ripple Labs’ chief legal officer, Stuart Alderoty, believes Ripple’s recent victory against SEC could influence other pending crypto cases. In a significant legal development, Ripple successfully dismissed the SEC’s charges of unregistered securities offerings of XRP. Alderoty asserts that the exchange of digital tokens does not equate to an investment contract, potentially benefiting Coinbase and Binance. Description In a significant development, Ripple Labs’ chief legal officer, Stuart Alderoty, stated that Ripple’s recent victory over the U.S. Securities and Exchange Commission (SEC) could set the stage for other pending crypto litigations. This comes after Ripple triumphed in a landmark court case in mid-July, successfully rebuffing the SEC’s charges of unauthorized securities offerings involving … Read more In a significant development, Ripple Labs’ chief legal officer, Stuart Alderoty, stated that Ripple’s recent victory over the U.S. Securities and Exchange Commission (SEC) could set the stage for other pending crypto litigations. This comes after Ripple triumphed in a landmark court case in mid-July, successfully rebuffing the SEC’s charges of unauthorized securities offerings involving XRP. Consequently, Alderoty expressed his insights on TechCrunch’s…

    Article 2023年7月27日

  • Nigeria adopts blockchain to fight certificate fraud

    TL;DR Breakdown The National Information Technology Development Agency (NITDA) has disclosed plans to incorporate blockchain technology into the country’s issuing and verifying of National Youth Service Corps (NYSC) certificates. The proposed system aims to consolidate all NYSC certificates onto the blockchain, affording individuals a streamlined process to validate their credentials securely in Nigeria. Blockchain application in certificate issuance represents a pivotal avenue to unlock the multifaceted opportunities presented by this technology. Description Kashifu Inuwa Abdullahi, the Director-General of Nigeria’s National Information Technology Development Agency (NITDA), has unveiled plans to integrate blockchain technology into the issuance and verification process of National Youth Service Corps (NYSC) certificates in the country. The NYSC program mandates university graduates below the age of 30 to partake in a year-long national service, engaging … Read more Kashifu Inuwa Abdullahi, the Director-General of Nigeria’s National Information Technology Development Agency (NITDA), has unveiled plans to integrate blockchain technology into the issuance and verification process of National Youth Service Corps (NYSC) certificates in the country. The NYSC program mandates university graduates below the age of 30 to partake in…

    Article 2023年8月10日

  • Curve emergency DAO halts hack-related token rewards

    TL;DR Breakdown Curve Finance has terminated governance token rewards for certain liquidity pools. The affected pools include alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV. It is important to note that the decision can be reversed in the future if the Curve DAO conducts a full vote. Description The Curve Finance lending protocol has recently taken significant steps to address the vulnerabilities and exploits it faced in July. In response to the July 30 Curve exploit and the July 6 Multichain exploit, the protocol has terminated governance token rewards for certain liquidity pools. This decision was made public on August 2 by a … Read more The Curve Finance lending protocol has recently taken significant steps to address the vulnerabilities and exploits it faced in July. In response to the July 30 Curve exploit and the July 6 Multichain exploit, the protocol has terminated governance token rewards for certain liquidity pools. This decision was made public on August 2 by a member of the protocol’s governing body, Gabriel Shapiro. The termination of rewards was carried out by the Curve Emergency…

    Article 2023年8月3日

  • Why the UK wants to restrict what citizens can post on social media

    TL;DR Breakdown The UK’s FCA plans to apply its new consumer duty to social media posts to reduce harm from inappropriate financial promotions. The agency has concerns about ‘finfluencers’ misleading their followers due to their limited understanding of the financial products they promote. The regulator expects companies to monitor their affiliate links and ensure responsible communication. Description With an objective to curb the rising tide of financial misinformation and its consequential harm, the UK’s chief financial watchdog is set to bring social media under its oversight. The Financial Conduct Authority (FCA), intends to extend the application of its new consumer duty to social media posts. This decision comes as part of a … Read more With an objective to curb the rising tide of financial misinformation and its consequential harm, the UK’s chief financial watchdog is set to bring social media under its oversight. The Financial Conduct Authority (FCA), intends to extend the application of its new consumer duty to social media posts. This decision comes as part of a broader effort to stem what the regulator refers to as…

    Article 2023年7月18日

  • Swiss banking giant Julius Baer expands crypto wealth management services in Dubai

    TL;DR Breakdown Swiss private bank Julius Baer is expanding its crypto wealth management services in Dubai, marking its first major push into digital assets beyond Switzerland. The bank’s Middle Eastern subsidiary, JBME, will apply for a digital assets license variation to offer advisory and custodial services on cryptocurrencies. Dubai is positioning itself as a global crypto hub, attracting major players in the industry and implementing supportive regulations to foster its growth. Julius Baer’s expansion aligns with this trend. Description Julius Baer Group, one of Switzerland’s prominent private banks, is making its first significant foray into digital assets beyond its home country. The financial institution is expanding its crypto wealth management services in Dubai, aiming to capitalize on the region’s thriving economic development. This move underscores the bank’s recognition of the United Arab Emirates (UAE) … Read more Julius Baer Group, one of Switzerland’s prominent private banks, is making its first significant foray into digital assets beyond its home country. The financial institution is expanding its crypto wealth management services in Dubai, aiming to capitalize on the region’s thriving economic development….

    Article 2023年7月2日
TOP