Interlay is advancing Bitcoin’s DeFi potential by introducing a new interoperable bridge,

Interlay, a new Polkadot parachain network ( DOT), is close to completion of a two year Bitcoin ( TTC_) bridge development project. This was announced on the Kusama sandbox platform.

Interlay also integrated a Wrapped Bitcoin digital asset (kBTC), to their Canary parachain Kintsugi. It is currently available for trading on two Polkadot parachains: Karura, which is governed and governed respectively by Acala and Moonriver.

Interlay is expected to use its technology on Cosmos and Ethereum in the next year to improve interoperability among chains.

Alexei Zamyatin is the co-founder of Interlay and its CEO.

“There are 14 billion USD worth Bitcoin DeFi on Ethereum. It is controlled by a few centralized custodians behind KYC with no recourse for users or DApps in the event of an error. A few tradiFi institutions are implicitly trusted by even big players such as Maker, Compound, and Aave.

This project was initially funded by an undisclosed sum Web3 Foundation grant, which was issued in March 2020.

Related: Polkadot’s Parachain Auctions Make a Decentralized Web3 Possible

The interoperability project received two capital raises. One was a $3,000,000 seed round in July 2021, and the other was a pre- Series A round of $6.5 million in December 2021. James Wo, founder and CEO of DFG Capital, stated that Interlay’s solution would “expand cross-chain opportunities for Bitcoin.”

Interlay was named in February as the winner of Polkadot’s tenth Parachain Auction Slot. It secured more than 2.7 million DOT tokens, from almost 20,000 participants.

Opinion writer on 7trade7