1. BITBILIHome
  2. Article

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

• 149 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

  • Top banks are bearish on the US dollar – Here is why

    TL;DR Breakdown Major U.S. banks, including Morgan Stanley, JPMorgan Chase, Goldman Sachs, and HSBC, are predicting a bearish outlook for the dollar. This change in sentiment is due to expectations of a “soft” economic landing, reducing the need for further interest rate hikes by the Federal Reserve. The dollar hit a 15-month low against an assortment of currencies, following a larger-than-expected dip in U.S. inflation. Description With leading U.S. banks including Morgan Stanley, JPMorgan Chase, Goldman Sachs, and HSBC projecting a bearish outlook on the dollar, the financial world is anticipating the shift. The predicted “soft” economic landing, characterized by the stabilization of the economy after a period of expansion without it tipping into a recession, seems to diminish the urgency … Read more With leading U.S. banks including Morgan Stanley, JPMorgan Chase, Goldman Sachs, and HSBC projecting a bearish outlook on the dollar, the financial world is anticipating the shift. The predicted “soft” economic landing, characterized by the stabilization of the economy after a period of expansion without it tipping into a recession, seems to diminish the urgency for…

    Article 2023年7月19日

  • Why is the crypto market down today? September worries build-up

    TL;DR Breakdown Crypto markets fall, losing all the gains from the favorable Grayscale court verdict. Core PCE data has shaken up digital asset markets. Core PCE in July rose 4.2% year over year, up from a 4.1% annual rate recorded in June but in line with analysts’ expectations. NFT markets have started to show signs of recovery after a dead silence in the last few months. Description The fourth quarter of 2023 has arrived, and the performance of the crypto market does not appear promising. Bitcoin and other crypto coins fell following the release of crucial inflation data, continuing their decline after a rally this week in response to a favorable court ruling. September has historically been a difficult month for Bitcoin, … Read more The fourth quarter of 2023 has arrived, and the performance of the crypto market does not appear promising. Bitcoin and other crypto coins fell following the release of crucial inflation data, continuing their decline after a rally this week in response to a favorable court ruling. September has historically been a difficult month for Bitcoin,…

    Article 2023年9月1日

  • UK’s economy can’t catch a break — It just keeps plunging

    TL;DR Breakdown UK’s economic health survey indicates a downturn. Rising interest rates are reducing consumer and business demand. PMI in August dropped below the crucial 50 mark, signaling economic contraction. Description The UK’s hopes for economic resilience continue to shatter as alarming indicators roll in. An influential economic health survey brings bleak news, signaling a downturn. Just when we thought there might be some semblance of economic recovery, the data hammers home a different reality. High-Interest Rates Dampen Economic Spirits The rising interest rates, which one … Read more The UK’s hopes for economic resilience continue to shatter as alarming indicators roll in. An influential economic health survey brings bleak news, signaling a downturn. Just when we thought there might be some semblance of economic recovery, the data hammers home a different reality. High-Interest Rates Dampen Economic Spirits The rising interest rates, which one could argue were already higher than needed, have kneecapped consumer and business demand. This has been further echoed by the dramatic drop in the UK composite purchasing managers’ index (PMI). It’s an index that many turn…

    Article 2023年8月24日

  • Europe losses against China and US in this competition

    TL;DR Breakdown Europe’s car and chemical industries are at risk of losing competitiveness due to high energy costs during the transition to cleaner fuels. The chemical industry’s production is down 13% in the first four months of the year due to high energy costs and slow demand. The European Central Bank’s ninth consecutive interest rate hike adds more uncertainty for these industries. Description Amid the unstoppable surge of global competition, Europe finds itself facing a mounting challenge in maintaining its competitive edge against the titans of industry, namely China and the United States. The high stakes contest between the powerhouses is putting the continent’s chemical and automotive industries under intense scrutiny as escalating energy costs, particularly during this … Read more Amid the unstoppable surge of global competition, Europe finds itself facing a mounting challenge in maintaining its competitive edge against the titans of industry, namely China and the United States. The high stakes contest between the powerhouses is putting the continent’s chemical and automotive industries under intense scrutiny as escalating energy costs, particularly during this critical transition towards cleaner…

    Article 2023年7月30日

  • Sanctions on Russia devastate global trade, fuel inflation

    TL;DR Breakdown Western sanctions on Russia have disrupted global trade and caused inflation. Russia’s VTB bank, is creating a new payment infrastructure focusing on rubles and currencies of friendly states. The current financial situation is likened to the 2008 banking crisis, and its effects are spreading to Europe. Description As Russia reels from Western sanctions, the international commerce arena is grappling with the aftershocks. The punitive actions are reshaping global finance and igniting an inflation surge. This paradigm shift is reminiscent of the 2008 U.S. banking crisis, and according to experts, has started seeping into Europe’s financial landscape. The impact of sanctions on Russia … Read more As Russia reels from Western sanctions, the international commerce arena is grappling with the aftershocks. The punitive actions are reshaping global finance and igniting an inflation surge. This paradigm shift is reminiscent of the 2008 U.S. banking crisis, and according to experts, has started seeping into Europe’s financial landscape. The impact of sanctions on Russia and the world When the West levied sanctions against Russia, the goal was to put the country in…

    Article 2023年7月14日
TOP