Bitcoin Interoperability Solution Provider Interlay Raises $3mln in Seed Funding
Interlay, a Bitcoin (BTC) interoperable venture that debuted on Polkadot, has raised $3 million in a seed stage to take forward the process of building its main decentralized financial product, heralding yet another significant capital raising process in the blockchain sector.
Interlay’s interBTC platform, which lets users to participate, earn profit, and spend using Bitcoin on any blockchain, will benefit from the financing. InterBTC will extend to several other blockchains, including Ethereum (ETH) and Cosmos, after it gets launches commercially for Polkadot.
After obtaining funding from Web3 Foundation, a technological leader for the decentralized web, Interlay started developing its Bitcoin bridge at the beginning of last year. Interlay says that their interBTC product is covered entirely by Bitcoin on a 1:1 ratio.
Because Bitcoin reserves are held in securitized vaults, anybody may generate interBTC by locking their holdings of Bitcoin or running their personal vault. The product is supposed to be “insured,” implying that consumers can switch back to Bitcoin at any moment.
IOSG Ventures headed the seed round, which included Blockchain.com, Launchub Ventures, CMS Holdings, KR1, Hypersphere, and Zeeprime. Jihan Wu, co-founder of Bitmain, and Peter Smith, CEO of Blockchain.com, are among the venture capitalists. Interlay’s initial strategic move is to interconnect Polkadot and Bitcoin safely and effectively, according to Xinshu Dong, a partner at IOSG Ventures, who sees “strong and decentralized architecture” as a vital component for multi-chain environments.
The rise of multi-chain systems is a significant development in the blockchain sector. Polkadot has risen to the forefront of multi-chain creation, due in part to parachain and parathread solutions, which are meant to connect disparate platforms.