SAN FRANCISCO, CA / ACCESSWIRE / March 12, 2021 / Polkaswitch has closed a financing round, securing $3M led by Arrington Capital and Ascensive Assets, with additional participation from venture capital firms including Signum Capital, LD Capital, Bitscale Capital, DFG, Gestalt Capital, Waterdrip Capital and Vendetta Capital.
Polkaswitch is building a decentralized cross-chain liquidity protocol for Polkadot and Ethereum that will build upon the synergies of the two blockchain ecosystems. By combining Ethereum's network effects and mature developer toolset with Polkadot's scalable architecture, Polkaswitch aims to create a powerful DeFi primitive for seamless cross-chain swaps.
"We see a large opportunity to aggregate decentralized liquidity across multiple blockchains, starting with Polkadot and Ethereum," said Viveik Vivekananthan, Founder & CEO of Polkaswitch. "For the first time, the reality of decentralized finance will be able to match the promise of global access, full interoperability, and deep liquidity with useful tools for cross-chain ecosystems."
Ninor Mansor, Partner at Arrington Capital, stated, "The promise of a multi-chain future is only dampened by increasingly fragmented liquidity, especially as DeFi emerges in other L1 ecosystems. Polkaswitch brings an experienced team, leveraging the native capabilities of Moonbeam, to deploy one of the first cross-chain liquidity aggregation protocols. Its unique approach allows users to identify and execute trades across blockchains, providing optimal routing for decentralized exchange at scale."
Polkaswitch was started in 2020 by industry veterans with backgrounds that include Apple, Amazon, Oracle, and LinkedIn. As part of its first milestone, Polkaswitch will be launching its testnet in Q1 of 2021 with plans to launch its mainnet and asset exchange platform in Q2/Q3 of 2021.
The team will be onboarding resources to cover a number of areas, including engineering, user experience design, and ecosystem development, marketing, and liquidity services. Additional resources to help grow the projects ecosystem include legal counsel, security partners, and technology auditors to ensure a safe protocol launch.
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