Interlay is a decentralized exchange built on top of the Ethereum blockchain, which allows for trading Bitcoin and other cryptocurrencies in an open market. They have successfully raised $6.5 million through their initial coin offering (ICO), making it one of the most successful ICOs to date.
The “interbtc” is a tokenized Bitcoin on the Polkadot network. Interlay raised $6.5M in an initial coin offering (ICO) to fund their project.
Interlay, a cross-chain interoperability project based on Polkadot, has secured $6.5 million in fresh investment. The fresh funds will be used to launch tokenized Bitcoin on Polkadot, as well as expanding the project’s products to other Layer 1 blockchains.
DFG led the round, which included IOSG, KR1, Hypersphere, Nexo Finance, D1 Ventures, and Signum Capital. The startup secured a $3 million initial investment round in July 2021.
The Goal of Interlay
Users may lock Bitcoin on a decentralized network of collateralized vaults that connects Bitcoin and Polkadot using Interlay. Following that, they may create interBTC, a Bitcoin-pegged currency that can be utilized in the Polkadot ecosystem. InterBTC may also be utilized as a kind of DeFi collateral.
The company’s main product is interBTC, which is a completely crypto-based Bitcoin-backed asset with numerous collaterals. It works as an algorithmic stablecoin that can be exchanged for Bitcoin.
The Web3 Foundation supplied the project’s first financing, with the goal of expanding the DeFi ecosystem by using Bitcoin’s liquidity. Over the following eight months, the firm intends to increase its employees. There are presently 15 full-time workers and over 100 community ambassadors working for it.
DFG founder and CEO James Wo said that the company was “honored to be an early sponsor of Interlay.”
Other tokenized Bitcoin protocols, such as centralized bridge contracts, concentrate on custodial solutions, but the interBTC is completely non-custodial. The interBTC creators created a decentralized system called XCLAIM, which can lock, issue, and redeem Bitcoin. It is backed by non-custodial collateral vaults, which assist guarantee interBTC’s physical security.
Interlay’s co-founder and CEO is Alexei Zamyatin.
InterBTC provides a “trustless and decentralized alternative” to Bitcoin DeFi, which thus far has relied on centralized suppliers.
Getting a Parachain up and running
The Interlay team is now seeking to establish a parachain, according to them. It will be auctioned off in Polkadot’s second round of parachain slot auctions on December 23, 2021. If the firm obtains a parachain, it will strive to connect interBTC with DeFi initiatives like as Moonbeam that currently have parachains. Following that, the business plans to launch on additional networks including as Ethereum and Solana.
Interlay has raised $6.5M towards its tokenized Bitcoin on Polkadot project, which will allow users to trade their tokens with other users in a decentralized manner. Reference: how to get involved in crypto.
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