Ethereum cross-chain bridge Across Protocol announced it has closed a $10m funding round at a $200m valuation, with participation from Hack VC, Placeholder and Blockchain Capital.
The fund raised will be used for the development of the cross-chain bridge to add more destinations, further increase capital efficiency, and expand the permissionless relayer network.
The fund was raised through a Success Token sale. The investors purchased 50m Across Success tokens from Risk Labs, the foundation that supports Across Protocol. Success tokens combine a call option with a base token. Each Success token matures on June 30th, 2025 and returns 1 $ACX along with the value of 1 call option on $ACX.
Previously, Across Protocol announced it would launch $ACX on November 28th.