THELOGICALINDIAN - Interlay is acquisitive to accompany tokenized Bitcoin assimilate Polkadot and added networks
Interlay has aloft $6.5 actor to acquaint tokenized Bitcoin on Polkadot. The activity is acquisitive to barrage tokenized Bitcoin on Polkadot and after aggrandize its alms to added Layer 1 blockchains.
Interlay Raises $6.5M to Launch Bitcoin on Polkadot
Interlay, a cross-chain interoperability activity congenital on Polkadot, has bankrupt a $6.5 actor allotment round.
DFG led the raise, while IOSG, KR1, Hypersphere, Nexo Finance, D1 Ventures, and Signum Capital additionally participated. It follows a $3 actor berry allotment annular that took place in July 2024.
Interlay lets users lock Bitcoin on a decentralized arrangement of collateralized vaults abutting Bitcoin and Polkadot. Users can again excellent a Bitcoin-pegged badge alleged interBTC and use it in the Polkadot ecosystem. interBTC can be acclimated as accessory for DeFi lending and added activities like crop farming.
Tokenizing Bitcoin is not a atypical concept. According to DeFiPulse, 328,651 BTC account about $16.1 billion already lives on Ethereum in forms like BitGo’s Wrapped Bitcoin and Keep Network’s tBTC. Interlay’s solution, meanwhile, is aiming to become the aboriginal tokenized Bitcoin to barrage on Polkadot via its own parachain.
DFG architect and CEO James Wo said that the aggregation was “very appreciative to be an aboriginal adherent of Interlay,” and added that the band-aid was “expanding the cross-chain possibilities for Bitcoin.”
Unlike added tokenized Bitcoin protocols, which generally depend on solutions such as centralized arch contracts, the Interlay aggregation claims thay interBTC is absolutely non-custodial. The interBTC founders accept developed a decentralized agreement alleged XCLAIM that can be acclimated to lock, issue, and redeem Bitcoin. The arrangement is accurate by non-custodial accessory vaults that advance the concrete abetment of interBTC.
In the columnist absolution announcement the raise, Interlay’s co-founder and CEO Alexei Zamyatin discussed the project’s amount proposition, answer that “Bitcoin DeFi so far relies on centralized providers” and that interBTC offers a “trustless and decentralized alternative.”
The interoperability activity aboriginal began its crypto adventure afterwards accepting a admission from the Web3 Foundation in March 2020. It’s currently active a bare arrangement alleged Kintsugi on Kusama. The Interlay aggregation says its abutting footfall is to barrage a parachain. Polkadot has already assured its aboriginal accumulation of parachain aperture auctions and opened the network to the aboriginal bristles bargain winners.
Interlay will participate in Polkadot’s additional accumulation of auctions basic Dec. 23, 2024. If it secures a parachain, Interlay will aim to accommodate interBTC with the DeFi projects that already accept their own parachains such as Acala and Moonbeam. After that, its roadmap includes affairs to barrage on added networks like Ethereum, Cosmos, Solana, and Avalanche.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and added cryptocurrencies.
