BERLIN, GERMANY / ACCESSWIRE / June 1, 2021 / Composable Finance, a new protocol developing a cross-layer, cross-chain interoperability infrastructure, has announced a $7 million raise led by Advanced Blockchain AG and Rarestone Capital, with participation from Divergence Ventures, New Form Capital, DFG, Maven 11, 4SV, Hypersphere Ventures, Blockchain Capital, PNYX Ventures, CMS Holdings, Alameda Research, SOSV, Spartan Group, LedgerPrime, LongHash Ventures, Cluster, and Pluto Digital Assets.
Composable Finance was developed to resolve the current problem of a lack of cohesion between different decentralized finance (DeFi) protocols. The solution is Composable's dual-pronged solution for interoperability, which includes a hyper liquidity infrastructure layer for DeFi assets that will be powered by both layer 2 on Ethereum and Polkadot. Composable's cross-chain approach involves utilizing a parachain to run different smart contracts in tandem, allowing protocols on different chains to fully and quickly communicate across blockchain boundaries.
Composable Finance CEO, Cosmin Grigore, states, "Composable Finance has a mission of unifying existing and future protocols to make the blockchain industry more robust and user friendly. Interoperability will be what pushes blockchain into a new world of possibilities in the future and we are thrilled to have the support of our VCs and community who share this vision."
Rarestone Capital Founder, Charles Read, adds, "It is clear that cross-layer and cross-chain interoperability is the future of blockchain and Composable is well positioned to tackle this problem. The implications of unifying the entire blockchain ecosystem include making the space easier to navigate, while expanding on current use cases."
Advanced Blockchain AG CEO, Michael Geike, states, "Composable Finance is a project that has been a long time coming, and aims to meet a significant market need. Advanced Blockchain is proud that it has been able to play a supporting role in such an important project. We look forward to seeing its continued growth and impact on the DeFi and blockchain industries in the future."
Currently, Composable is finalizing audits on several layer 2 infrastructure solutions and is targeting a Q2 rollout of their Polkadot solution. This includes securing a parachain and further building the infrastructure for multiple layer 1 protocols. Funding will be used to add new tools to Composable's cross-layer approach as well as further product development.
Composable's first product launching shortly is a unique strategy for obtaining its parachain during the auctions, which must be purchased with either DOT or KSM tokens. Typically, users are asked to stake these tokens for protocols seeking parachains, but then miss out on staking rewards. Composable has designed a vault strategy where users can simply deposit ETH or another ERC-20 token, which is yield farmed to increase earnings. Then, half the yield is given back to the user and the other is used to purchase KSM/DOT on the back end, to be used for parachain procurement.
About Composable Finance
Composable Finance is creating infrastructure to unlock the multi-layer, and multi-chain future of Ethereum, and other layer 1 blockchains. By eliminating the divisions between different chains, layers, and protocols, Composable enables the whole expanse of blockchain to be utilized together. This makes the space far more user-friendly while also unlocking new utilities.
Social Links
Medium: https://composablefi.medium.com/
Twitter: https://twitter.com/ComposableFin
Telegram: https://t.me/joinchat/40q5xSoHFfg4Zjcy
Media Contact
Company: Composable Finance
Contact: Kathrin Heider
Email: 0xbrainjar@composable.finance
Website: https://www.composable.finance/
SOURCE: Composable Finance
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https://www.accesswire.com/649911/DeFi-Interoperability-Protocol-Composable-Finance-Raises-7-Million-to-Enable-Cross-Chain-and-Cross-Layer-Processing
