Polkadot-Based Protocol Knit Finance Raises $1M
KnitFinance, a Polkadot-based cross-chain wrapped protocol, has successfully raised $1 million from its latest fundraising round as it approaches its SHO on Dao Maker on May 17.
The lead investors of this round included Dao Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital and Chronos Ventures. The fundraising attracted immense participation, leading to more than 50 x commitments.
Beta version of the product has been live since December supporting wrapped assets on five chains already.
KnitFinance bridges DeFi on multiple chains by bringing multiple assets to every compatible blockchain network, Knit allows a real-world insured wrapped token feature to ensure any digital and lockable asset can be stacked to get yield, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive and make the overall DeFi more productive. It is 100 per cent decentralized and is solely dependent on user consensus for governance.
Knit locks assets with custodians in the real world, which are insured up to $350 million, bringing real-world and reliable insurance into DeFi.
KnitFinance thus enables the next wave of liquidity, real world assets expected worth of nearly a trillion dollars to enter the DeFi world onto multiple chains.