In a strategic investment round, the Polkadot-based blockchain interoperability protocol t3rn has raised $6.5 million.
t3rn announced Thursday that Polychain Capital led the round, with participation from Huobi Ventures, Figment Capital, Block change Ventures, and others. According to t3rn founder and CTO Maciej Baj, the cash was received via a simple agreement for future tokens (SAFT).
In 2020, t3rn was founded to facilitate cross-chain transactions inside the Polkadot ecosystem and beyond. According to Baj, the Polkadot ecosystem is developing t3rn as a para chain. In addition, he added that it would soon be released on the mainnet, supporting a variety of blockchain consensus techniques and programming languages, including Ethereum Virtual Machine, Solidity, and Ink.
“t3rn is the fail-safe multichain protocol; it is the solution to the numerous issues we’ve observed with bridges, such as hacks and exploits.” as reported by Baj.
According to Baj, t3rn presently employs 18 individuals in its Berlin and Lisbon offices. t3rn plans to increase its engineering team and continue protocol development with the new money.
What’s t3rn’s Total Funding?
The strategic fundraising round, which began in March and concluded in September, takes t3rn’s total funding to date to approximately $8 million. Last year, the project raised $1.35 million in a seed round.