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Republic Capital Leads $6M Round in Cross-Chain Bridge Swing
Now valued at $60 million, the liquidity and bridge protocol was previously known as Polkaswitch.
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Swing, a cross-chain liquidity and bridge protocol, has raised $6 million in a strategic funding round led by Republic Capital at a $60 million valuation.
- Other participants in the round included layer 2 scaling network Celer, Bitcoin.com and Morningstar Ventures, among others.
- Formerly known as Polkaswitch, Swing helps traders and yield farmers move crypto across a number of layer 1 (base layer) and layer 2 (companion network) blockchains, including Ethereum, Polygon, Avalanche, Binance Smart Chain, Arbitrum and Moonriver.
- The Swing token is a governance token standardized with ERC-20 and native to the Swing network and its decentralized autonomous organization (DAO) of traders, liquidity providers and stakers.
- “Unlocking cross-chain liquidity is essential to the continued growth of the blockchain and crypto industry. Crypto capital will travel across chains to the protocols that are best positioned to serve the multitude of new users entering the space, regardless of what ecosystem they’re currently invested in,” said Swing CEO Viveik Vivekananthan in a statement.
Read more: Router Protocol Raises $4.1M to Bridge EVM and Non-EVM Chains
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Kraken continues acquisition streak by buying token management firm Magna ahead of IPO push
The deal adds token lifecycle infrastructure to Kraken’s growing product suite.
What to know:
- Payward, Kraken’s parent company, has acquired token operations firm Magna.
- Magna is used by crypto teams to manage token vesting, claims and distributions. It serves 160 clients and had a peak total value locked of $60 billion on its platform last year.
- Kraken has made a string of acquisitions to expand and raised $800 million last year at a $20 billion valuation.
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