KnitFinance, the first Polkadot-based cross-chain wrapped protocol, is pleased to announce that it has successfully raised $1 million from its latest fundraising round. There is a lot of excitement as KnitFinance approaches its strong holder offering on DAO Maker on May 17.
KnitFinance bridges decentralized finance 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 yielded, lent, borrowed, margin traded and farmed, enabling billions of dollars of idle assets to be productive.
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 will thus enable the next wave of liquidity and real-world assets — expected worth nearly $1 trillion — to enter the DeFi world onto multiple chains.
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.
Additionally, 30 more renowned projects, some of which have a multi-billion-dollar market capitalization, have partnered with KnitFinance and will soon announce the partnerships.
Apart from providing capital, investors have partnered with them to bootstrap liquidity on platforms such as Uniswap to offer a smooth user experience right from the start. They have also partnered with them to help engage in global and regional marketing efforts to generate awareness of the platform and mission worldwide.
KnitFinance is elevating the financial inclusion quotient of DeFi to much higher levels and reducing 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.
Together with an enthusiastic community and network of partners, the KnitFinance team is focused on unlocking the true potential of DeFi.
Furthermore, KnitFinance plans to list the Knit token on top-tier centralized crypto exchanges. Knit aims to list on Binance, Huobi Global, OKEx, KuCoin, Gate.io etc., to increase the global liquidity of the Knit token.
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