2 years ago
Interlay was the recipient of an up-to-$100,000 Web3 Foundation assistance successful March 2020 to make the parachain exertion implemented.
Interlay, a recently appointed Polkadot (DOT) parachain network, is nearing the completion of a two-year Bitcoin (BTC) span improvement task connected Polkadot, with the motorboat announcement connected its sandbox level Kusama.
Additionally, Interlay has integrated a Wrapped Bitcoin (wBTC) integer asset, known arsenic kBTC, connected their Canary parachain Kintsugi. The plus is already disposable for trading on different Polkadot parachains Karura, governed by Acala, and Moonriver, governed by Moonbeam.
It is expected that Interlay volition question to deploy its exertion crossed some Cosmos and Ethereum during the coming twelvemonth to heighten interoperability betwixt chains.
As galore of you know, kBTC is our flagship merchandise connected @kusamanetwork. kBTC is simply a 1:1 BTC-backed plus connected Kusama, maintained by a decentralized web of collateralized vaults. KSM volition beryllium the archetypal of galore collateral to unafraid kBTC❗️
Detailed investigation https://t.co/AT8yC4iQqC
Alexei Zamyatin, the co-founder and CEO of Interlay, stated:
“There is 14 cardinal USD worthy of Bitcoin ‘DeFi’ connected Ethereum, controlled by a fistful of centralized custodians, down KYC, with nary remedy for users oregon DApps if thing goes wrong. Even large players similar Maker, Compound and Aave implicitly spot a fewer tradiFi institutions."The archetypal improvement of this task was financially supported by an undisclosed, up-to-$100,000 Web3 Foundation assistance issued successful March 2020.
Related: How Polkadot’s parachain auctions marque a decentralized Web3 possible
Following this, the interoperability task was the taxable of 2 superior raises, some a $3 cardinal effect circular successful July 2021 and a Series A $6.5 cardinal circular successful December 2021. At the clip of the latter, the laminitis of CEO of pb contributor DFG Capital, James Wo stated that Interlay's solution volition "expand the cross-chain possibilities for Bitcoin."
In February, Interlay was announced among the winners of Polkadot's tenth parachain auction slot, securing successful excess of 2.7 cardinal DOT tokens from astir 20,000 participants.
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