TechFlow reports that on February 19, according to Blockworks, cross-chain asset wrapping protocol Universal (formerly Alongside) has raised $9 million in a funding round led by a16z. The protocol aims to enable trading, lending, and staking of any crypto asset on any blockchain.
Universal has launched on the Base network and integrated with DeFi protocols Aerodrome and Morpho, allowing users to use assets from non-smart contract blockchains as collateral for lending on Base. The protocol operates similarly to Circle, issuing 1:1 pegged wrapped tokens on the target chain.
According to co-founder Austin Diamond, the funds will be used to scale operations—expanding asset distribution through additional DApps and enhancing front-end user experience. The Universal team's long-term goal is to make its wrapped asset service as widely adopted as WBTC (Wrapped Bitcoin).
