Since the cryptocurrency industry has spiked in growth and adoption, old and new projects are hoping to win the race with newer products and advancements. However, in order to make this happen and execute their plans accordingly, the companies need to have ample resources available.
While having funds is not difficult for old and successful firms in the crypto-verse, it can be a somewhat expensive process for new and struggling projects. This is where the open and private funding rounds come in handy, where other venture capital firms help generate required funds.
Before the initiation of the funding rounds, the companies present their ideas and development projects to future stakeholders and investors. If they like the idea, then they participate in the funding round and with their investments, they show how much they are willing to invest.
This time, it is a decentralized finance interoperability protocol called Composable Finance that has announced the completion of a funding round. The protocol has announced that it has successfully concluded funding round bringing in a total of $7 million from several investors.
Composable Finance has confirmed that a total of 16 investment firms from the blockchain sector participated in the funding round making it a success. They are the reason Composable Finance was able to generate $7 million in the process.
Composable Finance released further information related to the funding round on Tuesday, June 2, 2021. In the announcement, Composable Finance revealed that the firms that led the funding round were Rarestone Capital and Advanced Blockchain AG.
Apart from the leading investment firms, other participating firms included Blockchain Capital, Divergence Ventures, Spartan Group, Alameda Research, and many more.
Composable Finance is a protocol that aims to increase and take the synchronicity between decentralized finance firms to the next level. The firm is currently executing its plans by building a bridge between two major decentralized finance (DeFi) blockchain networks.
The name of the first blockchain network on the DeFi space is Polkadot (DOT), while the other one is Ethereum (ETH). Composable Finance is primarily using the Polkadot (DOT) blockchain to form a cross-chain interaction base.
The Chief Executive Officer of Composable Finance, Cosmin Grigore also talked about the significance of the recent funding round and the company’s next course of action from this point onwards.
He stated that the recent successful funding round has proven how much the blockchain investment firms believe in the protocol’s claims. This shows that these firms have full trust in Composable Finance’s capabilities and expertise in fulfilling their promises.
With the help of the raised funds, Composable Finance would be able to introduce extreme developments and advancements in the interoperability sector. Over time, the DeFi space has become really competitive and Composable Finance’s technology and vision have the potential to make it a game-changer.