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It would need a substantial infusion of liquidity from top assets for DeFi to truly achieve mainstream significance and get transformed into a trillion dollar ecosystem. Right now the decentralized finance ecosystem can only access a tiny section of the $2 trillion cryptocurrency market.
KnitFinance aims at enabling Multiple Blockchain networks to conduct DeFi transactions, and reducing entry barriers and asset risk for potential users. For this the platform has achieved a few milestones which will help drive its momentum to achieve its intended objective.
For starters, KnitFinance has successfully raised $1 million in its latest fundraising round from leading blockchain technology investors. Post this Knit will conduct its SHO on DAO Maker on May 17. For now let’s take a look at how support from investors and other aspects will play out for the platform.
Blockchain Investing Bigshots Invest $1 Million In KnitFinance’s Vision
DAO Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital, TRG Capital, Chronos Ventures, including CXOs of multiple reputed blockchain projects led the fundraising round.
Align with the investment, KnitFinance will also receive support for bootstrapping liquidity on Uniswap, and global and regional marketing support to generate global awareness for its brand and its mission.
Highlighting the importance of this fundraising and collaboration, KnitFinance CEO Sainath G stated:
“We are pleased to see leading investors being enthusiastic about our project and providing us the crucial means to achieve our vision. This fundraiser is a significant aspect in driving the growth and development of KnitFinance.”
And not just investors, 30 reputed blockchain projects, some of them with multi-billion dollar market valuations have also partnered with KnitFinance. The detailed update regarding the same will be announced soon.
Live Beta Version And Asset Insurance Upto $350 Million
The platform’s Beta version already went live last December and is currently supporting wrapped assets on 5 blockchains. KnitFinance bridges multiple chains by making multiple assets available on every compatible blockchain network. It’s real-world insured wrapped token feature ensures that any digital and lockable asset can be yielded, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive in turn expanding the useability of the DeFi ecosystem.
Knit locks assets with custodians in the real world, which are insured up to $350 million, bringing real-world and reliable insurance into DeFi.This will potentially enable the next wave of liquidity, real world assets worth trillions of dollars to enter the DeFi world onto multiple chains.
Rockstar Team Dedicated To Revolutionizing DeFi
KnitFinance team consists of highly respected veterans from the cryptocurrency and blockchain industry, which is working tirelessly to give shape to the platform’s objective. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.
Listing On Major Cryptocurrency Exchanges
Furthermore, KnitFinance plans to list their native KNIT tokens on top-tier crypto exchanges, such as Binance, Huobi Global, OKEx, Kucoin, Gate.io, etc., enhancing the global liquidity of KNIT tokens and as well as wrapped assets in the future.