Clover Finance – which is establishing a bridge that would allow value to move between Ethereum and bitcoin- has just been backed by Polychain Capital, a Silicon Valley based investment firm that specializes in the blockchain and fintech spaces.
Specifically, Polychain- under the guidance of their general partner Tekin Salimi- just closed a $3 million seed round in the last few days with Clover.
Beyond Polychain, the round was also backed by Hypersphere, Bithumb Global and Divergence Ventures in order to help entrench Clover as the very first gold-standard bridge in the space.
How The Tech Works
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.”
For more information on the deal, please visit https://www.yahoo.com/amphtml/now/clover-finance-raises-3m-polychain-181029307.html