DFG Capital led a $ 6.5 million investment in interoperability start-up Interlay, which is building an infrastructure for decentralized financial applications in major blockchains such as Ethereum, Cosmos and Polkadot.
As per the announcement, the new funds will be used by Interlay to expand its operations and bring more developers on board with its open source platform. In a statement, James Wo, founder and CEO of DFG, said Interlay’s solution “will expand cross-chain possibilities for Bitcoin”.
Interlay aims to integrate cryptocurrencies like Bitcoin (BTC) with DeFi platforms like Polkadot and Ethereum. InterBTC, the company’s main product, is a fully crypto-based, Bitcoin-backed asset. It is backed by multiple guarantees and works as an algorithmic stablecoin which can be fully traded for Bitcoin.
The Web3 Foundation, which originated the Polkadot Project, provided the initial funding to begin development in 2019, with the aim of using Bitcoin’s cash to propel the growth of the DeFi ecosystem according to the publication. Interlay intends to double its workforce over the next eight months. It currently has 15 full-time employees and over 100 community ambassadors.
Related: “DeFi is the most dangerous part of the crypto world,” says Senator Elizabeth Warren
Defi interoperability is seen as a key step in ecosystem development and could pave the way for increased widespread adoption. The DeFi industry continued to thrive throughout 2021, with the aggregate value of all DeFi protocols surpassing $ 270 billion in early November amid a strong recovery in the cryptocurrency markets.
Privacy is becoming an increasingly important issue as DeFi gains popularity. Some blockchain projects have worked on privacy solutions. According to Paolo Guida, investment manager for Blockchain Valley Ventures, the biggest obstacle to DeFi taking off is privacy.
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