The Bridge Network split resulted in two of the cofounders, Kimberly Adams and Favour Uzoaru, leaving the company, while the third cofounder, Samuel Eke, became the CEO. Samuel also laid off nearly two dozen employees and moved the funds to a new crypto wallet, which triggered an investigation by Nigeria’s Economic and Financial Crimes Commission (EFCC).
The EFCC cleared Samuel of any criminal charges, but the company’s reputation and growth prospects were severely damaged by the dispute. The start-up’s main product, Token Bridge, which enabled interoperability across various blockchain networks, was also affected by the split. The start-up’s other products, NFT Bridge and Bridge Pay, were still under development at the time of the split.
Factors impacting the Bridge Network in-house commotion.
A disagreement over access to the company’s bank accounts and operational funds.
A conflict over the ownership and control of the company and its products.
A lack of trust and communication between the cofounders and the investors.
A difference in vision and strategy for the future of the company.
The current status of Bridge Network is not very clear, as the company has been involved in a legal dispute with its former cofounders and investors. Bridge Network was sued by FTX, Y Combinator, and other investors for breach of contract, fraud, and misappropriation of funds. The lawsuit alleged that Samuel Eke, the CEO of Bridge Network, had transferred millions of dollars worth of cryptocurrencies from the company’s wallet to his personal account, and had failed to deliver on the promised products and services. The lawsuit also claimed that Samuel had forged documents verbally and orally to the investors about the status of the company and its products.
The article also reported that Samuel had filed a counterclaim against the investors, accusing them of interfering with the company’s operations and trying to take over the company. Samuel denied any wrongdoing and said that he had acted in the best interest of the company and its customers. He also said that he had developed a new version of Token Bridge, which he claimed was faster, cheaper, and more secure than the previous one.
The legal battle between Bridge Network and its investors is still ongoing, and it is unclear how it will affect the future of the company and its products. The article stated that some customers had expressed their dissatisfaction with the service quality and reliability of Token Bridge, and had switched to other platforms. The article also mentioned that some competitors, such as Chainlink, Polygon, and Ren, had gained more market share and popularity in the blockchain interoperability space.
Therefore, the current status of Bridge Network is uncertain and unstable, as the company faces legal challenges, customer complaints, and competitive pressures. The outcome of the lawsuit could have a significant impact on the company’s survival and growth prospects.
However, here’s a compiled list of investors bankrolling Bridge Network cryptocurrency infrastructure;
FTX: is a cryptocurrency exchange platform founded by Sam Bankman-Fried.
Y Combinator: a startup accelerator that provides seed funding and mentorship to early-stage startups.
Techstars: another startup accelerator that offers funding, mentorship, and access to a network of entrepreneurs and investors.
Binance Labs: the venture arm of Binance, the world’s largest cryptocurrency exchange by trading volume.
Coinbase Ventures: the investment arm of Coinbase, a leading platform for buying and selling cryptocurrencies.
Pantera Capital: a venture capital firm that focuses on blockchain and cryptocurrency projects.
Polychain Capital: another venture capital firm that invests in blockchain and cryptocurrency startups.
Strategies for Maintaining Positive Working Relationships with Co-founders
Maintaining positive working relationships with co-founders is essential for the success of any startup. Here are some strategies that Bridge Network could have observed to ensure that employees’ and customers’ relationships with the start-up co-founders remain positive:
- Communication: Communication is key to any successful relationship. Make sure that you are communicating with your co-founders openly and honestly. This means being transparent about your thoughts, feelings, and expectations.
- Respect: Respect is another important aspect of any relationship. Make sure that you are showing respect to your co-founders by listening to their opinions and ideas, and by being open to compromise.
- Trust: Trust is the foundation of any relationship. Make sure that you are building trust with your co-founders by being reliable, accountable, and trustworthy.
- Shared vision: Make sure that you and your co-founders have a shared vision for your startup. This means being aligned on the goals, values, and mission of your company.
- Conflict resolution: Conflict is inevitable in any relationship. Make sure that you and your co-founders have a plan for resolving conflicts in a constructive and respectful manner.
Remember, maintaining positive working relationships with start-up co-founders and employees requires effort and commitment.