Across Protocol, a blockchain interoperability platform, has successfully raised $41 million through the sales of its ACX tokens as cited by Wu Blockchain. The funding has been led by a well-known crypto investment firm, Paradigm. Companies like Bain Capital Crypto, Coinbase ventures, Multicoin Capital, and angle investor Sina Habinian have made a huge contribution to this funding.
Details of the Funding
The $41 million was raised in two phases during 2024, one in the second quarter and the other one in the fourth quarter. Risk Labs, the foundation behind Across and UMA protocols, facilitated the token sale.
The ACX tokens that have been sold to the investors come with an one-year cliff unlock period, extending until November 2025.
Role of ACX Token
ACX is the governance token for Across Protocol. Token holders can participate in protocol decision making through voting. As of December 2024, 334.4 million ACX tokens were in circulation out of the fixed total supply of 1 billion. The remaining tokens are held by the Across DAO, Risk Labs Treasury, and other investors under lockup agreements.
About Across Protocol
Across Protocol is a cross-chain token bridge designed to facilitate fast and secure transfers between Ethereum and Layer-2 networks. It leverage UMA’s optimistic oracle to ensure secure and efficient operations.
The protocol features a single liquidity pool, competitive relayer landscape, and no-slippage fee model to optimize capital efficiency.
Future Prospects
With this funding round, Across Protocol aims to strengthen its position as a leader in the blockchain interoperability while enhancing its infrastructure for seamless cross-chain transactions.
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