zkLink Raises $8.5 mln In Funding To Help Escalate Decentralized Finance

zkLink, a blockchain startup founded in May of 2021, has closed an $8.5 funding round to launch its Layer-2 DEX solution.

The funding round was led by Republic Crypto, with participation from Arrington Capital, DeFi Alliance, Huobi Ventures, Ascensive Assets, Morningstar Ventures, GSR, and Marshland Capital. Andrew Durgee, head of Republic Crypto, referred to the firm’s decision to support the startup by stating:

“Interoperability is the goal of many blockchain projects, but zkLink fully backs up the talk, allowing intuitive cross-chain exchange across multiple chains. We’re very excited to see zero-knowledge technology implemented in this way in the realm of decentralized finance and look forward to supporting the zkLink team throughout their journey.”

zkLink was born with the aim to create the first cross-chain Decentralized Exchange (DEX) with one-click capabilities. The platform will support major blockchains like Ethereum, Binance Smart Chain, Huobi Eco Chain, and Polygon at launch. Vincent Yang, co-founder of zkLink, said about this mission:

“Right now, it’s difficult to trade across different token standards, such as ERC-20 and BEP-20, because they’re not easily compatible across multiple platforms. Through our utilization of zero-knowledge technology and a DAO governance model, we’re excited to bring DeFi and cross-chain swaps to the masses as we continue to expand our team and services.”

While the platform has been in the testnet stage since July of 2021, the funds will allow zkLink to accelerate the development and launch of its mainnet over the next months, with almost 10k users already testing it via an open beta. The team behind zkLink is also planning to provide support for the Solana, Algorand, Fantom, and Avalanche networks in the future to become a major player in the crypto ecosystem.

The increasing adoption of DeFi protocols across multiple blockchains has resulted in a fragmented space that makes it difficult for investors to navigate. By creating a streamlined platform that easily allows users to trade across different platforms, DeFi adoption could grow exponentially while also opening the doors to new investors who haven’t been able to participate yet.