Today's News |
Vancouver-based TeleportDAO Raises $3.42 Million Seed Financing Round to Expand Blockchain Infrastructure
Wednesday, March 29, 2023
Vancouver, BC, March 29, 2023--(T-Net)--Vancouver-based Teleport Technologies Inc. (TeleportDAO) announced that it has raised a $3.42 million (US $2.5 million) seed financing round, led by AppWorks and DefinanceX, with additional participation from Quantstamp, Coinlist, Candaq Fintech Group, SNZ Holding Limited, and Gate Labs.
The company is developing TeleportDAO, a trustless and universal interoperability protocol that provides an infrastructure for developers to build cross-chain applications.
The company is led by co-founders Niusha Moshrefi (CEO)
and Mahyar Daneshpajoohm (CTO).
Ali Saheli is also listed as a co-founder of the company (he co-founded Foro, a marketplace for students to buy and sell goods (acquired in 2015), and later joined Shippo, a multi-carrier shipping API and dashboard, as Head of Product. He is now listed on Linkedin as a Founding Managing Partner at Hex Capital and a seed investor in several tech companies).
TeleportDAO is a light-client bridge which is the most secure interoperability solution as it does not rely on third parties.
TeleportDAO provides the most recent data of other blockchains for your dApp in the most secure way.
The company says it plans to use the funds to invest in product development and expand its team.
Here is a summary of what TeleportDAO has built so far:
- Bitcoin<>Polygon Bridge: A light-client bridge that makes all Bitcoin data accessible on the Polygon network. It can only be hacked if Bitcoin itself is hacked!
- teleBTC: A fully decentralized wrapped BTC on the Polygon network, enabling users to wrap or unwrap their BTC without relying on trusted third parties.
- TeleSwap: A trustless and instant cross-chain DEX that allows users to exchange native coins and tokens between Bitcoin and Polygon networks. TeleSwap is also being integrated with Liquality as a swap provider. You can try it out here: http://app.teleswap.xyz/.
Here's what TeleportDAO is currently working on:
- Ethereum<>EVM Bridge: An optimistic light-client bridge that connects Ethereum to EVM chains in a secure and decentralized manner, allowing for the creation of various cross-chain applications on top of it.
- Ordinal Marketplace: A completely decentralized marketplace for Bitcoin NFTs without the need to wrap NFTs. The smart contract manages all assets, and trust between buyers and sellers is unnecessary.