Across Protocol has successfully raised $41 million through the sale of its ACX tokens, with Paradigm leading the funding round.
Across Protocol has successfully raised $41 million through the sale of its ACX tokens, with Paradigm leading the funding round. Other notable participants included Bain Capital Crypto, Coinbase Ventures, Multicoin Capital, and angel investor Sina Habinian. This capital raise was executed in two phases, with funds secured in the second quarter of 2024 and again in the fourth quarter.
The latest funding brings Across Protocol's total capital raised to $51 million, following a previous $10 million token round in November 2022, which valued the project at $200 million. Currently, the ACX token has a fully diluted valuation of approximately $225 million and a market capitalization of around $98 million.
The token has experienced a notable decline of about 18% over the past 24 hours, trading at approximately $0.23.
Across Protocol is focused on enhancing interoperability within the Ethereum ecosystem, enabling users to initiate cross-chain transactions seamlessly. The protocol employs an intents-based system, which allows users to swap tokens or deposit assets with a single request.
According to Hart Lambur, co-founder of Risk Labs, which oversees Across and the UMA protocols, the technology aims to address the fragmentation currently experienced by Ethereum users.
The ACX token sale also features a vesting schedule, including various one-year cliff unlocks extending through November 2025. Across claims to have processed a total transaction volume of $19 billion to date, with $1 billion processed in January alone.
The protocol has integrated with Unichain's public mainnet to facilitate cross-chain transfers and also powers Uniswap’s in-app bridging.
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