TeleportDAO, a Vancouver, Canada-based infrastructure that connects blockchains, raised US$2.5M in Seed funding.
The round was led by AppWorks and DefinanceX, with participation from Quantstamp, Coinlist, Candaq Fintech Group, SNZ Holding Limited, and Gate Labs.
The company intends to use the funds to invest in product development and expand their team. Ultimately, their goal is to expand to multiple EVM and non-EVM chains, in order to become the trusted infrastructure for secure cross-chain interactions.
Founded in February 2022 and led by Niusha Moshrefi (CEO), TeleportDAO is a decentralized infrastructure that connects blockchains together, helping developers build cross-chain applications through its universal bridge protocol infrastructure. Using it, users can move any data, such as messages like contract calls, or assets like tokens and NFTs between blockchains.
They have created teleBTC —a completely decentralized Bitcoin wrapper on Polygon, and TeleSwap —a service built on top of their bridge that enables users to wrap/unwrap and trade between Bitcoin and Polygon without any involvement from third-party entities.
TeleportDAO is currently in the process of integrating with various platforms, including wallets, lending applications, and NFT platforms. They have integrated TeleSwap into Liquality Wallet as a swap provider. Additionally, they are creating a decentralized marketplace for Bitcoin NFTs (also known as Ordinals) that enables buyers and sellers to trade without the need for trust.
FinSMEs
16/03/2023