Friday, April 19, 2024

zkLink Raises $8.5 Million to Fund its Layer-2 DEX Solution

zkLink was established in May 2021 as a blockchain startup that provided chain-to-chain transfer and liquidity solutions. Now the company has hit the news because of its latest initiative, Layer-2 DEX solution, for which it has raised a funding of $8.5 million. The primary objective of this solution is to facilitate decentralized finance, which is emerging in a big way in recent times.

Republic Crypto led the funding initiative in association with DeFi Alliance, Arrington Capital, Ascensive Assets, Huobi Ventures, GSR, Marshland Capital, and Morningstar Ventures. Head of Republic Crypto, Andrew Durgee, believes that zkLink makes the interoperability of blockchains a reality and allows intuitive cross-chain transfer across several chains.

The main aim of zkLink was to develop the first cross-chain DEX or decentralized exchange featuring one-click capabilities. The platform is poised to support some of the most popular blockchains like Ethereum (ETH) Huobi Eco Chain, Polygon, and Binance Smart Chain at launch. The co-founder of zkLink says that their zero-knowledge technology, coupled with a DAO governance framework, would make decentralized finance and cross-chain exchanges to a wider market.

The team backing zkLink is also intending to support Algorand, Solana, Avalanche, and Fantom networks in the near future to expand their roles in the crypto world. The rising adoption of DeFi across many blockchains has created a fragmented space, making it tough for investors to navigate the crypto ecosystem. By developing a more streamlined platform that lets investors trade across different blockchains, it’s possible for DeFi adoption to increase greatly while also creating avenues for new investors and traders to participate in the crypto ecosystem

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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