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Bifrost Raises $600,000 in Seed Funding Round

defi platforms
defi platforms

Bitfrost, a self-described “cross-chain network that provides liquidity for staking,” that’s “developed based on Substrate and the Polkadot network,” has just raised $600,000 in a seed funding round, according to a press release from the group.

The goal for this project is to focus on DeFi basic protocols, and “aims to solve the liquidity of proof of stake tokens,” the release continues. That’s the reason they’ve attracted such attention is they’re looking to be one of the driving forces in the decentralized finance space.

Bifrost shared a statement on the matter, reading:

“Investors participating in this round of financing are not lack of early Polkadot investors and staking business-related institutions. It is expected that these institutional investors will be able to provide Bifrost with parachain slot auctions and staking liquidity business support in the future.”

The company wants to solve staking rewards issues, proof of stake liquidity, and staking reward acquisition, the release continues. It does so with its vToken asset, which it defines as:

  • By providing the liquidity of vToken, the liquidity and security of the PoS network can be achieved, thereby solving the mutual exclusion problem of the liquidity and security of the PoS network.
  • The cross-chain feature built in the parachain through vToken enables Staking reward in cross-chain scenarios, thereby solving the problem of obtaining Staking reward in cross-chain scenarios.

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