1. BITBILIHome
  2. Article

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

• 211 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

  • US government suspected of owning $2.46 billion in Bitcoin

    TL;DR Breakdown The US Government is suspected of controlling the fifth-largest Bitcoin wallet globally, with holdings equivalent to $2.46 billion. Investigations found a link between the hack’s seizure address and the wallet’s owner, with notable transfers of significant BTC amounts. In 2022, the US Department of Justice recovered about $3.55 billion in stolen Bitcoin from the said account. Description Recent findings suggest that the US Government might control the global fifth-largest Bitcoin (BTC) wallet, containing 94,643 BTC, equivalent to $2.46 billion. This revelation came from the esteemed cybersecurity firm, Peckshield. The wallet is believed to have direct ties to the 2016 Bitfinex hack. Investigations have unveiled a connection between the hack’s seizure address and … Read more Recent findings suggest that the US Government might control the global fifth-largest Bitcoin (BTC) wallet, containing 94,643 BTC, equivalent to $2.46 billion. This revelation came from the esteemed cybersecurity firm, Peckshield. The wallet is believed to have direct ties to the 2016 Bitfinex hack. Investigations have unveiled a connection between the hack’s seizure address and the wallet’s owner. Notably, a transfer was made…

    Article 2023年8月31日

  • Lacoste launches exciting NFT rewards and co-creation feature for fashion enthusiasts

    TL;DR Breakdown Lacoste, the French fashion brand, expands its NFT ecosystem with rewards and co-creation features for its UNDW3 community. Genesis Pass holders can convert their NFTs into UNDW3 cards and access interactive features such as creative sessions, contests, and video games. Lacoste aims to create an inclusive digital realm, rewarding user activity with points and fostering horizontal relationships with customers. Description Lacoste, the renowned French fashion brand, has made a significant stride in embracing non-fungible tokens (NFTs) by expanding its NFT ecosystem. The brand has introduced a rewards and co-creation feature for its UNDW3 community following the successful release of its UNDW3 collection of profile picture (PFP) NFTs. With this expansion, Lacoste aims to provide its … Read more Lacoste, the renowned French fashion brand, has made a significant stride in embracing non-fungible tokens (NFTs) by expanding its NFT ecosystem. The brand has introduced a rewards and co-creation feature for its UNDW3 community following the successful release of its UNDW3 collection of profile picture (PFP) NFTs. With this expansion, Lacoste aims to provide its community with a more immersive…

    Article 2023年7月3日

  • Fed, ECB hold ground: No shift in inflation goal

    TL;DR Breakdown U.S. Federal Reserve (Fed) and the European Central Bank (ECB) confirm commitment to a 2% inflation target. Global post-pandemic inflation rates have been volatile due to heightened demand and supply chain issues. Despite economic disturbances, neither Europe nor the U.S. has achieved the 2% target yet. Description The leaders of two financial giants, the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), recently met under the big skies of Jackson Hole, Wyoming. The verdict? They remain unyielding in their commitment to a 2% inflation target. Speculations that they might waver or adjust this figure were laid to rest as the … Read more The leaders of two financial giants, the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), recently met under the big skies of Jackson Hole, Wyoming. The verdict? They remain unyielding in their commitment to a 2% inflation target. Speculations that they might waver or adjust this figure were laid to rest as the financial watchdogs showed their teeth. Holding Steady Amidst Global Economic Chaos The global economic scene post-pandemic has been…

    Article 2023年8月26日

  • BRICS bank urges global south financial system overhaul

    TL;DR Breakdown Dilma Rousseff, president of the BRICS bank, calls for a new financial structure catering to the Global South. The proposed structure aims to channel liquidity effectively and promote long-term investments in local currencies. Rousseff emphasized the strategic importance of multilateralism in the emerging multipolar world order. The BRICS bank has expanded its influence beyond the original bloc, incorporating Bangladesh, Egypt, UAE, and possibly Argentina and Honduras. Reform of the global financial structure has become a rallying cry for the New Development Bank (NDB), more commonly known as the BRICS bank. Dilma Rousseff, the bank’s president and former leader of Brazil, has passionately advocated for a financial framework that specifically addresses the unique needs of the Global South. A system tailored for the global south Drawing upon her international experience, Rousseff addressed a captive audience at the 14th Lujiazui Forum in Shanghai. She outlined her vision for the future: a financial structure better equipped to meet the challenges faced by nations outside the traditional spheres of power. The Global South, a term popularized by American writer Carl Oglesby to…

    Article 2023年6月17日

  • Fed considers leaving interest rates stable in June

    TL;DR Breakdown The Federal Reserve is considering maintaining interest rates unchanged at its June meeting to evaluate the impact of previous rate hikes and the inflation outlook. Neel Kashkari, President of the Minneapolis Fed, supports a slower pace of rate increases but emphasizes that no final decision has been made. The Federal Reserve is contemplating the possibility of keeping interest rates unchanged at its upcoming June meeting, allowing more time for a thorough evaluation of the impact of previous rate hikes and the inflation outlook. Neel Kashkari, the President of the Minneapolis Fed and a member of the central bank’s rate-setting monetary policy committee, expressed his openness to a slower pace of rate increases, as reported by the Wall Street Journal on Sunday. In an interview published on Friday, Kashkari stated, “I’m open to the idea that we can move a little bit more slowly from here.” He emphasized the need to carefully consider the effects of past rate increases and the trajectory of inflation. However, he also cautioned that no final decision had been made, adding, “I would object…

    Article 2023年5月22日
TOP