Interlay – a Bitcoin (BTC) interoperability initiative initially rolled out on Polkadot – was reportedly able to obtain $3 million via seed funding, dedicated to designing its flagship decentralized finance offering.
Specifically, the freshly acquired fund, which is a major milestone regarding capital raising in the blockchain sphere, is reportedly to financially support Interlay’s mission to make its interBTC offering to every major blockchain, including Polkadot, Ethereum, and Cosmos.
Per Interlay co-founder and Head Alexei Zamyatin, the interBTC platform, now with extra support from the funding, will reportedly offer users the ability to conduct Bitcoin-enabled investments, payout, and earning across any blockchain.
Initially commissioned for Polkadot, interBTC will be widening the scope to different blockchains including Ethereum (ETH) and Cosmos.
Interlay reportedly started the construction for its Bitcoin bridge in early last year, following a grant obtained from Web3 Foundation, a pioneering entity for the decentralized web.
Interlay reportedly shared that its interBTC offering receives full backing from Bitcoin, at a ratio of one-to-one. The Bitcoin reserves are locked in collateralized vaults, which allows interBTC minting for any individual, via locking their Bitcoin or operating their own vault.
The product is reportedly claimed to be “secured by insurance”, which allows for exiting back to Bitcoin at users’ own choice.
The seed round was led by IOSG Ventures and witnessed participation from Blockchain.com, Launchub Ventures, CMS Holdings, KR1, Hypersphere, and Zeeprime. Angel investors include Bitmain co-founder Jihan Wu and Blockchain.com CEO Peter Smith.
“Connecting Polkadot and Bitcoin securely and efficiently is the first strategic move for Interlay” Xinshu Dong, a partner at IOSG Ventures, reportedly remarked.