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Thursday, July 25, 2024
BlockchainRouter Protocol Announces Successful Completion of Oversubscribed Funding

Router Protocol Announces Successful Completion of Oversubscribed Funding

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Router Protocol has recently announced a major milestone in its development – the successful completion of oversubscribed funding. The company revealed that this funding round saw the participation of renowned crypto funds and angels. In a detailed blog post, the platform shared all the information regarding this achievement.

The company expressed excitement about this accomplishment, highlighting that the primary goal of the strategic round was to expand Router’s cap table. Cryptocurrency experts who understand the importance of cross-chain infrastructure and its potential to accelerate ecosystem growth participated in this round. This move is seen as a step towards Router’s evolution into an L1 blockchain platform.

In addition to the crypto funds and angels, a group of experienced Web3 executives and founders joined the project as advisors and angels. Notable names like Ravindra (Frontier), Amitej (Stader), Anurag Arjun (Avail), Aniket (Biconomy), Amrit Kumar (Altlayer), Parker Jou (Caldera), Keone Hon (Monad), and others were mentioned.

Router Protocol also received significant support from its existing investors, including Luganodes, RavenDAO, CryptoBantere, DeFi Capital, Woodstock, and Wintermute Ventures, showing their strong belief in the company’s vision. Renowned angels and advisors like Surojjit Chatterjee (EMA, Flipkart, Google, Coinbase), Gokul Rajaram (Google/Doordash), and others also contributed to the project.

The company plans to use the funding strategically to advance its development and prepare for the highly anticipated mainnet release of Router Chain. This release aims to simplify blockchain processes and usher in a new era of seamless cross-chain applications and user experiences.

In addition to these developments, Router Protocol introduced the Router Ecosystem Grants Program to support projects on the Router Chain, such as FolioX and StakeEase. CEO Shubham Singh commented on the rapid expansion of the ecosystem, emphasizing the importance of interoperability measures in accelerating growth. The upcoming Grants Program will provide financial resources and support to promising projects within the Router ecosystem.

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