Bridge Network, one of the first decentralised finance projects launched out of Barbados, has secured US$3.8 million (BDS$$7.6 million) in funding from major technology venture capitalists including FTX Ventures, MEXC Global, Grit Capital, Blockfinex, Master Ventures and Barbadian venture studio, the Abed Group.
Founded by Barbadian-Guyanese entrepreneur Kimberly Adams, Bridge Network is a middleware platform that interconnects blockchains and allows users to transfer digital assets between the different blockchain ecosystems.
There are over 100 blockchains in today’s world with the number rising each day.
“As blockchain technology becomes more abundant and many new networks are built to solve a diverse range of problems, we find ourselves with a common issue; the ability to transact between each network,” said Adams.
“This is due to the fact that each blockchain has its own standards that each digital asset must follow. With Bridge Network, digital assets such as cryptocurrencies and non-fungible tokens (NFTs) can now move freely irrespective of the blockchain infrastructure they were initially built on,” she said.
The project has received overwhelming support from the international crypto community as well as the local and regional communities. Since launching a test version of the platform, Bridge Network has recorded over 1 million transactions.
Lily Dash, regional crypto lawyer and angel investor said: “Kimberly Adams is one of the finest Barbadian-Guyanese entrepreneurs and a true representation of what Caribbean innovation and talent can be.
“Bridge Network solves a massive problem we see in cross chain settlement and can become a viable solution for a multi-trillion-dollar industry”. (PR)
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