Quick take:
- The fundraising values Across Protocol at $200 million.
- Hack VC, Placeholder, and Blockchain Capital bought a combined total of 50 million $ACX tokens at $0.20 per token.
- The tokens will mature on June 30, 2025, giving the investors an option to execute a call option at a $0.50 strike price.
Across Protocol has closed a $10 million private token sale to Hack VC, Placeholder, and Blockchain Capital. The 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 insured optimistic bridging solution that relies on a decentralised series of relayers to facilitate user transactions between EVM networks. It combines a 1-of-N security model with an efficient capital management system to achieve scalability with low slippage in cross-chain bridging.
According to the token sale statement, Across sold 50 million native tokens of the network (ACX), each at $0.20, for $10 million, valuing the company at $200 million. Hack VC will have an opportunity to execute a call option at a $0.50 strike price when the lock-up period expires on March 30, 2025.
According to Across Protocol, this format of rewarding investors ensures that they are incentivised to help the project succeed, as compared to acquiring the tokens at a discounted price. They also receive an extra ACX token for every token help, resulting in a net token issue of 100 million.
The three companies will also use their experience and expertise in web3 to help Across Protocol achieve its goals.
Commenting on his company’s investment, Aleks Larsen, General Partner at Blockchain Capital said: “Across combines a 1-of-N security model with a super efficient capital management system to deliver secure, scalable, low slippage cross chain bridging. After backing Hart and his talented team nearly 5 years ago to build UMA, we couldn’t be more excited to support them again as they leverage their expertise and experience towards solving crypto’s cross-chain UX.”
On the other hand, Alex pack of Hack VC commented: “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 that have built a one-stop solution for secure bridging, making it nearly immediate, secure, and affordable to move assets around blockchains with ease.”
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