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Interlay, a newly appointed Polkadot (
$1.26 ) (DOT) parachain network, is nearing the completion of a two-year Bitcoin (
$74,505.00 ) (BTC) bridge development project on Polkadot ( $1.26 ) , with the launch announcement on its sandbox platform Kusama.
Additionally, Interlay has integrated a Wrapped Bitcoin ( $74,505.00 ) (wBTC) digital asset, known as kBTC, on their Canary parachain Kintsugi. The asset is already available for trading on other Polkadot ( $1.26 ) parachains Karura, governed by Acala, and Moonriver, governed by Moonbeam.
It is expected that Interlay will seek to deploy its technology across both Cosmos and Ethereum (
$2,278.65 ) during the coming year to enhance interoperability between chains.
As many of you know, kBTC is our flagship product on @kusamanetwork. kBTC is a 1:1 BTC-backed asset on Kusama, maintained by a decentralized network of collateralized vaults. KSM will be the first of many collateral to secure kBTC❗️
Detailed analysis https://t.co/AT8yC4iQqC
— Interlay #interBTC (@InterlayHQ) March 24, 2022
Alexei Zamyatin, the co-founder and CEO of Interlay, stated:
“There is 14 billion USD worth of Bitcoin ( $74,505.00 ) ‘DeFi’ on Ethereum ( $2,278.65 ) , controlled by a handful of centralized custodians, behind KYC, with no remedy for users or DApps if something goes wrong. Even big players like Maker, Compound and Aave implicitly trust a few tradiFi institutions.”
The initial development of this project was financially supported by an undisclosed, up-to-$100,000 Web3 Foundation grant issued in March 2020.
Related: How Polkadot ( $1.26 ) ’s parachain auctions make a decentralized Web3 possible
Following this, the interoperability project was the subject of two capital raises, both a $3 million seed round in July 2021 and a Series A $6.5 million round in December 2021. At the time of the latter, the founder of CEO of lead contributor DFG Capital, James Wo stated that Interlay’s solution will “expand the cross-chain possibilities for Bitcoin ( $74,505.00 ) .”
In February, Interlay was announced among the winners of Polkadot ( $1.26 ) ’s tenth parachain auction slot, securing in excess of 2.7 million DOT tokens from nearly 20,000 participants.
