KnitFinance intends to make DeFi available on Multiple Blockchains and reduce entry barriers and asset risk for potential users. Currently the DEFI space is just limited to only two public networks and captures only 3% of the $2 trillion market space. To achieve their target, the first Polkadot-based cross-chain asset wrapping protocol has successfully raised $1 million in its latest fundraising round from leading blockchain technology investors. The development is a milestone event for KnitFinance with its SHO scheduled to take place on Dao Maker May 17.
KnitFinance Closes a Successful $1 Million Fundraising Round
Prominent investors such as Dao Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital, TRG Capital, Chronos Ventures, including CXOs of many prominent projects pledged a $1 million funding for KnitFinance to move ahead with its objective.
Also, they have joined hands with the protocol’s team to bootstrap liquidity on platforms like Uniswap, and enhance the product’s experience for users right from the start. The above bevy of illustrious investors will support KnitFinance in generating awareness about the platform and its mission through global and regional marketing.
Highlighting the importance of this fundraising and collaboration, KnitFinance CEO Sainath G stated, “We are pleased to see leading investors being enthusiastic about our project and providing us the crucial means to achieve our vision. This fundraiser is a significant aspect in driving the growth and development of KnitFinance.”
Partnerships With Projects Having Billion Dollar Market Cap
Additionally, 30 blockchain projects which are well-renowned, have also partnered with KnitFinance. Some of them boast of multi-billion dollar market valuations. The news regarding the same will be announced soon.
Live Beta Version And Asset Insurance Upto $350 Million
The platform’s Beta version already went live last December and is currently supporting wrapped assets on 5 blockchains. KnitFinance bridges multiple chains by making multiple assets available on every compatible blockchain network. It’s real-world insured wrapped token feature ensures that any digital and lockable asset can be yielded, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive in turn expanding the useability of the DeFi ecosystem.
Knit locks assets with custodians in the real world, which are insured up to $350 million, bringing real-world and reliable insurance into DeFi.This will potentially enable the next wave of liquidity, real world assets worth trillions of dollars to enter the DeFi world onto multiple chains.
Rockstar Team Dedicated To Revolutionizing DeFi
KnitFinance team consists of highly respected veterans from the cryptocurrency and blockchain industry, which is working tirelessly to give shape to the platform’s objective. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.
Listing On Major Cryptocurrency Exchanges
Furthermore, KnitFinance plans to list their native K tokens on top-tier crypto exchanges, such as Binance, Huobi Global, OKEx, Kucoin, Gate.io, etc., enhancing the global liquidity of KNIT tokens and as well as wrapped assets in the future.
For more information on you can reach KnitFinance on:
Telegram community: https://t.me/knitfinance
Telegram channel: @knitfinanceann