Quick take:
- The fundraising attracted participation from Polychain Capital, CMS Holdings, Master Ventures, Token Metrics and Cluster Capital.
- The fundraising brings the total raised to $11 million, valuing Gasp at a reported fully diluted market cap of $80 million.
- The company will use the funds to expand its marketing team and accelerate mainnet and $GASP token launches.
Gasp (formerly Mangata Finance) an Actively Validated Service (AVS) that supports cross-chain transfers on EigenLayer has closed a $5 million private round backed by Polychain Capital, CMS Holdings, Master Ventures, Token Metrics and Cluster Capital.
The fundraising brings the total raised to $11 million, and according to people close to the deal, it values Gasp at $80 million, The Block reported.
According to Gasp CEO, Peter Kris the fundraising his company started fundraising for the round in November 2023 and closed it this month via a simple agreement for future equity (SAFE) with token warrants.
The company plans to use the fresh capital to expand its marketing team and accelerate the mainnet launch of its service along with the $GASP token. The token will be airdropped to holders of the Mangata X (MGX) tokens, an economic testnet token that the company ran a year ago. “MGX holders will get part of the airdrop of GASP,” Kris said.
Gasp leverages the security features of Ethereum to facilitate cross-chain transfers for Layer-2s on the network. Currently, it supports transfers between Optimism and Arbitrum but plans to expand its services to more chains in due course.
“The Gasp network relies on Ethereum for transaction finality through EigenLayer, making it one of the first EigenLayer AVSs to be deployed,” Kris said, adding “Gasp on EigenLayer will make cross-chain atomic swaps as easy as calling a smart contract on Ethereum or any other connected chain.”
The fundraising comes ahead of Gasp’s upcoming testnet launch as an EigenLayer AVS in the coming weeks.
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