Cross-chain asset protocol Universal to shut down after raising $9 million

Universal, a cross-chain asset protocol backed by investors including a16z Crypto and Coinbase Ventures, has announced it will shut down. The protocol will remain operational for the next 60 days, with a final closure date set for November 17, 2026. Launched two years ago, Universal focused on building Universal Assets (uAssets) to bring tokens like SOL, XRP, and DOGE into new ecosystems with 1:1 backing. The team cited a lack of sustainable adoption as the primary reason for the decision to cease operations.