Clover Finance has closed a $3 million seed round for building a bridge between Ethereum and Polkadot, in addition to a planned future bridge with the Bitcoin blockchain. Specifically, Clover collaborates with another Substrate project Snowfork and code unit ChainSafe to build a bridge between Etheruem and Polkadot.
The round was backed by Polychain, Hypersphere, Bithumb Global and Divergence Ventures to empower Clover to become the very first bridge in the space.
Clover’s tech backend is compatible with the Ethereum Virtual Machine (EVM), a necessary step for applications like decentralized finance (DeFi) apps to work on Clover. The startup has redesigned Clover’s payment scheme to increase ease of use for ordinary consumers as well. For example, Clover has a dynamic fee schedule that increases costs proportionally to use.
Project Chief Burak Keceli shared:
“Clover is also planning to become the first non-trust bridge in the crypto industry.”
The financing was guided by Polychain general partner Tekin Salimi who went onto characterize the transaction:
“We believe Clover’s timing for launch gives it a unique edge to leverage upcoming Bitcoin protocol upgrades to facilitate two-way pegs between Bitcoin and Ethereum,” Polychain general partner Tekin Salimi said in a Telegram message to CoinDesk.
“One of the challenges prior Bitcoin-Ethereum bridge attempts faced was in Bitcoin’s limited scripting language. We think the Bitcoin/Ethereum bridge is the most interesting feature, as it’s unique to Clover.”
The peg, in theory, would allow value to move between EVM-styled chains like Ethereum and Clover and the largest cryptocurrency, bitcoin.
Which, would be, in point of fact, a huge leap forward for macro picture crypto trading.
For more information on the deal, please visit https://www.yahoo.com/amphtml/now/clover-finance-raises-3m-polychain-181029307.html