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Cross-Chain Infrastructure Protocol LI.FI Raises $5.5M
The funding will help the firm expand to more blockchains.
By Brandy Betz
Updated May 11, 2023, 4:14 p.m. Published Jul 11, 2022, 1:00 p.m. 1 min read
LI.FI, an infrastructure protocol that aggregates cross-chain bridges and decentralized exchanges (DEXs), has raised $5.5 million in a funding round led by crypto-native investment firm 1kx. The fresh capital will help LI.FI pay for marketing and expand to more blockchains, founder and CEO Philipp Zentner told CoinDesk in an interview.
Other participants in the round included investment firms Dragonfly Capital, Lattice Capital, Scalar Capital, 6th Man Ventures, Coinbase Ventures and decentralized autonomous organizations BairesDAO and AngelDAO, among others.
LI.FI offers a software development kit (SDK) that aggregates bridges and decentralized exchanges across 14 different blockchains. The SDK offers smart routing to identify the safest and cheapest routes for transactions and multi-asset swaps.
LI.Fi wants to expand to additional layer 1 blockchains, Zentner said. The company will also introduce a new widget product that provides developers with a simplified user interface that allows their users to swap from anywhere into a chosen decentralized application, smart contract or asset.
“Bridging is an anxiety-inducing and often risky experience for both end users and developers, and LI.FI does the hard work of abstracting away the underlying complexity to enable more innovative applications and collaboration across ecosystems” 1kx founding partner Lasse Clausen said in a press release.
Read More: What Are Blockchain Bridges and How Do They Work?
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The launch comes as crypto companies increasingly focus on tokenizing traditional financial assets, a market many in the industry see as a major growth opportunity.
What to know:
- Solana-based decentralized exchange Orca launched a new system that lets approved investors trade regulated tokenized assets onchain, starting with commodity tokenization firm Streamex and its gold-linked security GLDY.
- The move reflects the crypto industry’s growing push into tokenized real-world assets, as firms race to build compliant marketplaces for trading products...
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