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 SHO on Dao Maker on 17th of May. The project is ultra-low cap with immense scope to grow.
KnitFinance bridges DeFi 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 stacked to get yield, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive and make the overall DeFi more 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 thus enables the next wave of liquidity, real world assets expected worth of nearly a trillion dollars to enter the DeFi world onto multiple chains.
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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, Chronos Ventures, and also includes CXOs of many big projects as investors. The fundraising attracted immense participation, leading to more than 50 x commitments.
KnitFinance team consists of highly respected veterans of the Crypto industry. Beta version of the Product has been live since December supporting wrapped assets on 5 chains already.
Additionally, 30 more renowned projects with some of them being multi-billion dollar cap have partnered with KnitFinance who will announce partnerships soon.
Apart from providing capital, investors have joined hands with them to bootstrap liquidity on platforms like Uniswap to offer a smooth experience to users 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.
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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.
The KnitFinance team is working tirelessly to give shape to this belief. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.
Furthermore, KnitFinance plans to list the Knit tokens on top-tier centralized crypto exchanges. It’s primarily keen to list on Binance, Huobi Global, OKEx, Kucoin, Gate.io, etc., enhancing the global liquidity of Knit tokens and as well as wrapped assets in the future.
