KnitFinance, the first Polkadot-based cross-chain wrapped protocol is pleased to announce that it has successfully raised $1 million in its latest fundraising round. This comes as KnitFinance approaches its SHO on Dao Maker scheduled to take place on May 17. The project’s initial market cap is ultra-low cap with immense scope for exponential growth.
Reputed blockchain technology investors who helped successfully close the funding round include Dao Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital, Chronos Ventures.
Apart from the above, CXOs of many prominent projects have also pledged their support as investors.The fundraising attracted immense participation, leading to 50x growth commitments.
Apart from providing capital, the investors have joined hands to bootstrap liquidity on platforms like Uniswap and to help offer a smooth experience to users right from the start. They will also help the KnitFinance team engage in global and regional marketing efforts to generate awareness globally about the platform and its mission.
30 more well-known projects with some of them boasting of multi-billion dollar valuations have also partnered with KnitFinance. The news regarding the same will be announced very soon. KnitFinance team consists of highly respected veterans from the cryptocurrency and blockchain industry. 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. The platform allows a real-world insured wrapped token feature to ensure 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.
The platform is working to elevate the financial inclusion quotient of DeFi to much higher levels and reduce the entry barriers and asset risk for potential users at the same time. It is 100% decentralized and is solely dependent on user consensus for governance.
The team behind the platform is working tirelessly to give shape to this belief. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.
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.
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