April 28th, 2022 - The Algorand Foundation today announces our grant partnership with Undercurrent Capital for Messina Bridge. Undercurrent Capital has been awarded an Algorand Foundation Bridges SupaGrant to build a decentralized bridge between Algorand and Ethereum, helping to support the growth of a vibrant, diverse and thriving Algorand ecosystem.
This grant has been awarded as Undercurrent Capital’s proposal supports the creation of critical DeFi infrastructure dedicated to Algorand. Messina bridge will enable noncustodial interactions between Algorand and Ethereum that are decentralized, trustless, and secured entirely through cryptography.
Following on the heels of Algorand’s push for Ethereum compatibility, Messina Bridge will open the doors for interoperability between Ethereum and ERC20 tokens with the world’s greenest blockchain, providing more opportunities for the development of complex DeFi use cases and value chains.
Michael Knott, CTO of Undercurrent Technologies, commented “we believe blockchain interoperability is the future and Algorand will be a pillar of the digital economy. We are creating scalable infrastructure to serve the Algorand ecosystem using advanced cryptography so that decentralized apps can transport liquidity and data seamlessly.‘’
“The Messina Bridge is pivotal for Algorand. Users will be able to bridge into Algorand from Ethereum via a noncustodial manner, marking a new era of opportunities for users on both chains. We are committed to the interconnectedness of blockchains and a hearty congratulations to Messina on leading this charge.” - Daniel Oon, Head of DeFi, Algorand Foundation
We dream of a future where information and value can be easily accessed anywhere. Messina uses the latest advancements in cryptography research so Web3 users can get the best out of every blockchain without compromise and navigate them seamlessly. Through Dapps that are simple and intuitive, we enable interoperability.
About Undercurrent Capital
Undercurrent Capital is an early stage investment firm that partners leaders and visionaries in business and society to tackle their most important challenges. We believe bold steps define the future, and the ambition to lead requires singular vision, dedication and flexibility to adapt.