Bitcoin interoperability platform Interlay raises $3M in seed funding
Interlay, a Bitcoin (BTC) interoperability undertaking that first launched on Polkadot, has concluded a $3 million seed spherical to additional develop its flagship decentralized finance product, marking one other essential capital increase within the blockchain trade.
The funding will go in direction of supporting Interlay’s interBTC platform, which permits customers to speculate, earn and pay with Bitcoin on any blockchain. Originally commissioned for Polkadot, interBTC will develop to different blockchains together with Ethereum (ETH) and Cosmos.
As Cointelegraph reported, Interlay started constructing its Bitcoin bridge in early 2020 after receiving a grant from Web3 Foundation, a expertise steward for the decentralized net.
Interlay claims that its interBTC product is totally backed by Bitcoin at a ratio of one-to-one. The Bitcoin reserves are locked in collateralized vaults, which implies anybody can mint interBTC by locking their Bitcoin or run their very own vault. The product is alleged to be “secured by insurance,” which implies customers can exit again to Bitcoin any time they need.
The seed spherical was led by IOSG Ventures, with participation from Blockchain.com, Launchub Ventures, CMS Holdings, KR1, Hypersphere and Zeeprime. Angel buyers embody Bitmain co-founder Jihan Wu and Blockchain.com CEO Peter Smith.
“Connecting Polkadot and Bitcoin securely and efficiently is the first strategic move for Interlay,” mentioned Xinshu Dong, a companion at IOSG Ventures, who acknowledged “robust and decentralized infrastructure” as an essential enabler for multi-chain ecosystems.
Related: 1% of Bitcoin’s provide has been locked within the WBTC protocol
The progress of multi-chain networks represents an essential evolution for the blockchain trade. Polkadot has positioned itself on the middle of multi-chain improvement, thanks largely to parachain and parathread applied sciences, that are designed to unite heterogeneous networks.