Cross-chain Protocol .bit Raises $13M in Series A Funding Round
- Reportedly, .bit intends to use the capital to further build a cross-chain decentralized identity protocol.
- As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon.
Cross-chain decentralized identity protocol, .bit, has announced the closure of the Series A funding round with $13 million raised. According to a report by the company, the funding round was led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.
Reportedly, .bit intends to use the capital to further build a cross-chain decentralized identity protocol. As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon.
.bit and the Future of Cross Chain Industry
Notably, the .bit protocol was launched in July 2021 and boasts over 110k registered accounts. Additionally, the protocol has integrated with 100+ digital asset wallets and dApps such as Trust Wallet, Torus, TokenPocket, imToken, iToken, BitKeep, and AlphaWallet among others.
While traditional social accounts such as Facebook or Twitter are subject to the company’s review, .bit offers users full control of their data. Primarily, .bit markets itself as a new-type data container that users can own without permission. Moreover, any application can read the data in it, but only the user can write data into it.
The platform is committed to upgrading and making partnerships that are strategic to its business model. Recently, the platform rebranded its website domain from DAS to did.id.
Worth noting, that the core of .bit is a set of smart contracts. However, the actual .bit is a community consisting of several roles such as the .bit team, registrars, marketplaces, data providers, app developers, and end-users among others.
The platform has announced plans to integrate with other blockchains in the coming quarters. The platform has also announced important features such as sub-accounts, cross-chain to Ethereum to become ERC721 NFT, and .bit alias.
“So, we expect that by the end of July or early August, our .bit sub-account will be open for everyone to use, and this is one of the most important features that we are developing,” Tim, Founder of .bit, recently noted.
Blockchain technology has made tremendous progress in the past few years. It is well seen after deep-pocketed hedge funds around the world including BlackRock entered the industry. However, the future of blockchain technology is now dependent on its ability to communicate between different chains.
The. The interoperability of blockchain in a secure way is expected to open up the industry for future adoption. Moreover, users can swap and move digital assets through different rails at ease.
Blockchain developers are battling to keep cross-chain networks safe from attacks such as from the North Korean Lazarus group.
Following the recent exploit of the Nomad Bridge, Chainalysis estimates that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks, the majority of which were stolen this year. Reportedly, attacks on bridges account for 69 percent of total funds stolen in 2022 so far.
Notably, cross-chain bridges are an attractive target for attackers because they often feature a central storage point of funds that back the bridged assets on the receiving blockchain.