KnitFinance’s objective is to enable DeFi on Multiple chains which is limited to only two at present and to reduce entry barriers and asset risk for potential users. The platform has been designed to achieve the same with an architecture that is completely decentralized and is solely dependent on user consensus for governance.
Its the first Polkadot-based cross-chain asset wrapping protocol and has achieved a major milestone in its journey by successfully raising $1 million in its latest fundraising round. This comes as KnitFinance approaches its SHO on Dao Maker scheduled to take place on May 17.
A $1 Million Support From Prominent Blockchain Technology Investors
The fundraising round was successfully led by 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.
Apart from pledging capital, these bigshot blockchain investors have joined hands to bootstrap liquidity on platforms like Uniswap, and to help offer a smooth product experience to users right from the start. The collaboration also includes support in global and regional marketing efforts to generate global awareness about KnitFinance and its mission.
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.
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.”
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 KNIT 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.