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Decentralized Applications: Socket Secures $5M to Bring Interoperability to Coinbase Wallet and Base

Socket, the interoperability protocol for decentralized applications (dapps), has announced a $5 million strategic investment from Coinbase Ventures and Framework Ventures. This marks an expansion of Coinbase’s collaboration with Socket, as they are already working together for products like Coinbase Wallet and their recently launched L2, Base.

The investment from Coinbase Ventures, the venture arm of one of the world’s largest crypto platforms, demonstrates their confidence in Socket’s ability to drive innovation in the blockchain industry. Framework Ventures, known for its early entry into decentralized finance (DeFi), had previously led Socket’s seed round in early 2022.

The partnership between Socket and Coinbase Wallet has already yielded positive results. In July 2022, Coinbase Wallet introduced a two-way bridging feature powered by Socket, which enables users to bridge between Ethereum, Base, Optimism, and Polygon. The bridging feature, available on mobile and web, allows for a seamless user experience.

Socket’s goal is to eliminate the fragmentation caused by the rise of multiple layer one (L1) and layer two (L2) solutions. These solutions have created separate ecosystems with locked-in dapps, users, and liquidity. Socket connects all blockchains and enables the free flow of assets and data between them. This simplifies the development process and improves the overall user experience.

Since its launch, Socket has facilitated over 2.5 million cross-chain transactions, with a total volume of over $3.5 billion across 15 different chains. The protocol is being leveraged by various applications and wallets, including Aevo, Zerion, Zapper, Rainbow Wallet, and Synthetix, among others. This widespread adoption highlights Socket’s potential to become an industry leader in cross-chain protocols.

Vance Spencer, Co-Founder of Framework Ventures, believes that cross-chain protocols will see increased adoption in the coming years. He praises Socket for its strong team, technology, and growing network effect, which position the protocol as a potential leader in the industry.

Socket aims to unify the multichain ecosystem by connecting all chains and enabling seamless asset and data transfers between them. Developers can build with interoperability as a core part of their protocol logic, empowering them to create unified, multichain apps. Currently, Socket supports asset movement across chains and powers multichain bridges in apps like Bungee, Zapper, and Zerion.

With the support and investment from Coinbase Ventures and Framework Ventures, Socket is well-positioned to make significant strides in achieving its goal of a unified and interconnected blockchain ecosystem.

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