Representatives of Chainflip Labs assured that they managed to raise $10 million from large venture capital funds. The funds will be used to create their own cross-chain decentralized exchange (DEX). According to the project leaders, such companies as Framework Ventures, Blockchain Capital and Pantera Capital provided support.
Chainflip Labs has said it plans to launch its own pad at the end of 2022. Investors provided the startup with funds in exchange for a stake in the company. The preliminary valuation of the business was not made public.
Chainflip founder and CEO Simon Harman stressed that the capital will be used as efficiently as possible. The new service will eliminate the need for wrapped tokens or the generation of multiple specialized crypto wallets.
The entrepreneur assured that the developers will try to create a place where customers can transfer tokens from one chain to another without problems. According to him, such a product will be able to force centralized exchange platforms out of the market in the foreseeable future. They will simply not be needed by users.
Harman noted that the uniqueness of his project will be that it will not be tied to any blockchain chain. Chainflip has its own network of validators and its own blockchain. The capital received in the amount of $10 million will allow us to achieve all our goals for the next 3-4 years.
Earlier edition informed: Executives from blockchain security firm CertiK announce the successful completion of a $60 million funding round led by SoftBank Vision Fund II. In addition, representatives of Tiger Global made a significant contribution. The organization assured that all funds will be used to launch innovative products and services.