Cross-Chain Protocol Chainflip Raises $6M to Fund Growth, Security Audits

Funding will also go toward external communication campaigns and to build out Chainflip’s products and team.

AccessTimeIconAug 19, 2021 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC

Chainflip, a decentralized automated market maker-based protocol, closed a $6 million funding round led by Framework Ventures.

  • Other participating investors included ParaFi Capital, Distributed Global, Delphi Digital, Hypersphere Ventures, Coinbase Ventures, DeFi Alliance, Altonomy, Maven 11, Edenblock and Morningstar Ventures.
  • Founded in 2020, Chainflip allows swaps between different blockchains. The protocol is supported by Chainflip’s token, FLIP.
  • The funds will go toward Chainflip's community development and user support, and to make “further progress around security audits, external communication campaigns,” it said.
  • They will also be used for building up internal operations while expanding Chainflip’s products and team, CEO Simon Harman said.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown