Interlay raises $6.5M to accelerate Bitcoin DeFi interoperability
Interlay is developing infrastructure for decentralized financial apps on multiple blockchains, including Ethereum, Cosmos and Polkadot. DFG Capital has led a $6.5 million investment in the interoperability start-up Interlay, which is building infrastructure for decentralized finance applications across major blockchains such as Ethereum, Cosmos and Polkadot. As per the announcement, the new funds will be used by Interlay to scale its operations and bring more developers on board with its open-source platform. In a statement, James Wo, DFG founder and CEO, said Interlay's solution will....
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Interlay was the recipient of an up-to-$100,000 Web3 Foundation grant in March 2020 to develop the parachain technology implemented. Interlay, a newly appointed Polkadot (DOT) parachain network, is nearing the completion of a two-year Bitcoin (BTC) bridge development project on Polkadot, with the launch announcement on its sandbox platform Kusama.Additionally, Interlay has integrated a Wrapped Bitcoin (wBTC) digital asset, known as kBTC, on their Canary parachain Kintsugi. The asset is already available for trading on other Polkadot parachains Karura, governed by Acala, and Moonriver,....
XCC is positioned as a supporting mechanism to XCLAIM, a protocol which acts as the foundational layer for Interlay’s Bitcoin one-to-one backed asset interBTC. Interoperability network Interlay has released a 21-page technical whitepaper, titled XCC: Theft-Resilient and Collateral-Optimized Cryptocurrency-Backed Assets, advocating for the imminent development of cross-blockchain interoperability solutions to unlock a plethora of potential within the decentralized finance (DeFi) ecosystem.As a Polkadot parachain, Interlay is focusing its efforts on opening pathways of communication and....
Interlay’s mission is to bring its interBTC product to all major blockchains, including Polkadot, Ethereum and Cosmos, according to founder and CEO Alexei Zamyatin. Interlay, a Bitcoin (BTC) interoperability project that first launched on Polkadot, has concluded a $3 million seed round to further develop its flagship decentralized finance product, marking another important capital raise in the blockchain industry. The funding will go towards supporting Interlay’s interBTC platform, which allows users to invest, earn and pay with Bitcoin on any blockchain. Originally commissioned for....
InterBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token. Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot (DOT). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers and nonfungible tokens (NFTs), among others.interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according....
Binance Labs was the lead funder in a $60-million seed round, Interlay seeks to increase Bitcoin interoperability, Bent Finance and Grim Finance suffer million-dollar exploits — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.As the crypto community filled its crypto stockings for the holiday season, the Grinch emerged to gift a grimacing fate to two DeFi platforms, stealing their festive spirit and a whole lot of dollars. Reading this article, you're only receiving a portion of the content from our DeFi....