The Polkadot-based blockchain interoperability protocol t3rn has raised $6.5 million in a strategic funding round.
Polychain Capital led the round, with participation from Huobi Ventures, Figment Capital, Blockchange Ventures, Lemniscap, and others, t3rn announced Thursday. The funding was obtained through a simple agreement for future tokens (SAFT), according to t3rn founder and CTO Maciej Baj.
t3rn was founded in 2020 to provide cross-chain transactions within the Polkadot ecosystem and beyond. According to Baj, t3rn is being developed as a parachain in the Polkadot ecosystem. He also stated that it will be launched on mainnet soon, supporting blockchains across consensus mechanisms and programming languages such as Ethereum Virtual Machine, Solidity, and Ink.
“t3rn is the fail-safe multichain protocol, it is the solution to the many problems we’ve seen in bridges, such as hacks and exploits.” according to Baj.
According to Baj, t3rn currently employs 18 people in its two offices in Berlin and Lisbon. With the new funds, t3rn intends to expand its engineering team and continue developing its protocol.
The strategic funding round, which started in March and ended in September, brings t3rn’s total funding to around $8 million to date. The project raised $1.35 million in a seed round last year.
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