Interlay Named Web3 Foundation Grant Receiver to Work On BTC Connection for Polkadot

By Jenny Aurora | March 9, 2020

Interoperability project Interlay has reportedly been named as a receiver of a Web3 Foundation grant, which will be invested in the creation of a Polkadot-based parachain, which will be linked to the Bitcoin blockchain.

Specifically revealed on March 5th, Interlay was among the names that were authorized to receive the 5th wave of grant, $100,000 maximum each, issued by Web3 Foundation in the first quarter of 2020. 

The Web3 funding is particularly established to offer financial support for software firms looking to work on the infrastructure for Polkadot – a Parity Technologies-led project with a goal to function as a sharded and interoperable blockchain network, rivaling Ethereum’s platform. 

The primary aspects that have been recommended to developing firms include parachains and integration with other projects, testing tools, new wallets, and UI development. 

Other areas, nominally Polkadot’s security, benchmarking and protocol, educational initiatives, are also eligible to receive funding. 

Interlay is a decentralized finance-focused (DeFi) interoperability project. It has been successful in building an interoperability framework – dubbed “Xclaim” – with the primary target of establishing assets backed one-to-one across multiple chains. 

The project has been putting in efforts and resources to build a blockchain-agnostic integration of Xclaim since 2018.

The Xclaim utilizes the features of “collateralized intermediaries” to provide support for sending funds from one chain to its destination, as well as enabling clients to act as “its own intermediary”, the same as how atomic swaps tend to function.

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