InsideBitcoins.com

Bifrost Raises $600,000 in Seed Funding Round

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.

      Leave a Reply

      Your email address will not be published. Required fields are marked *