- The fundraising protocol is valued at $200 million.
- Hack VC, Placeholder and Blockchain Capital purchased a total of $50 million worth of ACX tokens at $0.20 per token.
- The tokens will expire on June 30, 2025, giving investors the option of executing a call option at a strike price of $0.50.
Across Protocol has closed a $10 million private token sale for hack VC, placeholder and blockchain capital. Three Web3 venture capital firms have also taken strategic positions in the Ethereum Virtual Machine (EVM) network bridging solution as part of their investment.
Across Protocol is an assured optimistic bridging solution that relies on a decentralized chain of relayers to facilitate user transactions between EVM networks. It combines a 1-nn security model with an efficient capital management system to achieve scalability with low cross-chain bridging slippage.
According to the details of the token sale, Across sold 50 million of the network’s native tokens (ACX), at $0.20 each, for $10 million, valuing the company at $200 million. Hack VC will have the option to exercise the call option at the strike price of $0.50 at the expiration of the lock-up period on March 30, 2025.
According to the Acros protocol, this format of rewarding investors incentivizes them to help the project succeed, rather than receiving tokens at a discounted price. They also receive an additional ACX token for every token they help, resulting in a net token issuance of 100 million.
All three companies will also use their experience and expertise in Web3 to help ACROSS Protocol achieve its goals.
Commenting on his company’s investment, Alex Larsen, General Partner at Blockchain Capital said, “Combines a 1-of-n security model with a super-efficient capital management system to provide secure, scalable, low-slip cross-chain bridging. a talented team to build UMA almost 5 years ago, we couldn’t be more excited to support them once again as they continue their work to solve crypto’s cross-chain UX. Benefit from expertise and experience.
On the other hand, Alex Pack of Hack VC noted, “Cross-chain bridging has become one of the biggest requirements for any crypto user, but also one of the biggest challenges. Across is a team of DeFi OGs who have created a one stop solution for secure bridging making it near instant, secure and affordable to move assets easily through the blockchain.
Sign up with Binance, the world’s largest crypto exchange, to buy and sell cryptocurrencies.