$3 million in seed funding raised for Bitcoin’s Interlay

Alexei Zamyatin CEO and founder of Interlay says that his company’s mission is to send its interBTC product to every major blockchain like Ethereum, Polkadot, and Cosmos.

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Polkadot was the host blockchain to Interlay which was launched as an interoperability project. A seed round of $3 million has been concluded for Interlay to develop its flagship decentralized finance product even more which is regarded as significant fundraising in the world of blockchain.

The interBTC platform which enables the users to make a profit by investing and paying via Bitcoin on any blockchain will be the one that receives the raised fund. Although Polkadot was interBTC’s first host, interBTC will also go further and work with other blockchains such as Ethereum and Cosmos.

At the beginning of 2020 when a grant was received from Web3 Foundation, Interlay started creating its Bitcoin bridge. Web3 Foundation is a technology steward for the decentralized web.

As interlay puts it, Bitcoin supports the interBTC product completely and at a one-to-one ratio. It is interesting to know that collateralized vaults are used to lock Bitcoin reserves and that’s why anyone can mint interBTC by either running their own vault or locking their Bitcoin. It is interesting to know that you may turn back to Bitcoin whenever you want as this product is as they say “secured by insurance”.

Blockchain.com, Launchub Ventures, KR1, CMS Holdings, Hypersphere, and Zeeprime were the ones that participated in the seed round which was lead by IOSG Ventures. Jihan Wu the co-founder of Bitmain and Peter Smith the CEO of Blockchain.com were the angel investors.

Xinshu Dong, a partner at IOSG Ventures who considers powerful decentralized infrastructure as a significant tool that empowers multi-chain ecosystems said that “Connecting Polkadot and Bitcoin securely and efficiently is the first strategic move for Interlay,”

In the blockchain industry, the growth of multi-chain networks marks a major evolution for this industry. parachain and parathread technologies are designed to integrate heterogeneous networks and they are to be thanked for Polkadot’s being the center of multi-chain development

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Interlay

Blockchain Technology

Tags

Interlay

Blockchain Technology