Socket, a provider of an interoperability protocol that allows asset and data transfer across chains for decentralized applications, raised $5M in funding.
The round was led by Coinbase Ventures and Framework Ventures.
The company intends to use the funds to expand its collaboration with Coinbase and its suite of products.
Socket aims to unify the multichain ecosystem by connecting all chains and enabling asset and data transfers between them. It allows developers to build with interoperability as a core part of protocol logic, empowering them to build unified, multichain apps.
Since launch, it has facilitated over 2.5 million cross-chain transactions with over $3.5 billion in volume across 15 different chains. Socket is also being leveraged by a number of applications and wallets that are expanding bridging to L2s for their users, including Aevo, Zerion, Zapper, Rainbow Wallet, Synthetix, GMX, Instadapp, Sequence Wallet, Alongside, One Key, Layer3 & Slingshot.
This investment marks an expansion of Coinbase’s collaboration with Socket. The company is already working with Socket for products like Coinbase Wallet, as well as their recently launched L2, Base. In July 2022, Coinbase Wallet introduced a two-way bridging feature powered by Socket, allowing users to bridge between Ethereum to Base, Optimism, and Polygon. Users can bridge natively in the Coinbase Wallet app, available on mobile and web. Additionally, Socket brings bridging for developers and apps on Base – including Rainbow Wallet, Layer3, and Bungee — allowing them to onboard to the new L2 incubated by Coinbase.
FinSMEs
06/09/2023