Home Artificial Intelligence UK-based blockchain startup Interlay raises US$3 million in a seed funding round

UK-based blockchain startup Interlay raises US$3 million in a seed funding round

First debuted on Polkadot, Interlay has raised US$ 3.04 Million in a seed funding venture on July 14 2021, led by IOSG Ventures and co-investors Blockchain.com, Zeeprime, Launchub Ventures, CMS Holdings, KR1, Hypersphere, and angels as other significant participants. 

Company’s Profile

Interplay: Founded in 2019 by Alexei Zamyatin and Dominik Harz is a fintech/bitcoin (BTC) interoperability platform built on an extensive system backed by top-tier research that enables users to invest, earn and pay with Bitcoin on any blockchain. By decentralised insurance collateral and cryptographic proofs, consumers are guarded against theft and censorship.

Interlay claims that their interBTC output is backed solely by Bitcoin in a one-to-one ratio. Since bitcoin reserves are contained in collateralised vaults, anybody can produce interBTC by locking their Bitcoin or driving their vault. The product is assumed to be guaranteed and implying that consumers can switch back to Bitcoin at any given time. 

Purpose of Investment

The venture will promote Interlay’s interBTC platform. Initially commissioned for Polkadot, interBTC intends to expand to additional blockchains, Ethereum and Cosmos, to name a few.

Interlay’s opening strategy is to relate Polkadot and Bitcoin safely, according to Xinshu Dong, a partner at IOSG Ventures, who sees decentralised infrastructure as a crucial enabler for multi-chain ecosystems. The acceleration of multi-chain channels is a significant improvement in the blockchain industry. Polkadot has grown to the forefront of multi-chain development, expected in part to para-chain and para-thread tech. 

What the CEO has to say

Founder and CEO of Interlay, Alexei Zamyatin, said, “We are greatly gratified to have the support of top-notch investors from various ecosystems and geographic scenes, who believe in our vision to take Bitcoin to each major blockchains such as Polkadot, Ethereum and Cosmos. Collectively, we will stimulate the growth and adoption of interBTC as it flagships Interlay’s product and empower people to invest with BTC in a trustless and decentralised way.”

What the Investors have to say

Partner of IOSG Ventures, Xinshu Dong, said, “Robust and decentralised base is a vital enabler for a throbbing multi-chain ecosystem. We are very enthusiastic about being working with this exceptional team combining scientific rigour and entrepreneurial spirit, and we’re looking ahead to many solutions and cementing that the potential of Interlay’s tech unlocks.”

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