Chainflip Labs secures $10 million for cross-chain DEX By RyanJamesWeeks
Chainflip Labs is plotting an Initial DEX Offering for later this year.Chainflip Labs, a Berlin-based startup building a cross-chain decentralized crypto exchange, has raised $10 million from venture capitalists.
Simon Harman, founder and CEO of Chainflip, told The Block that the startup is trying to “take capital efficiency to the logical extreme” with a simple interface and user experience that negates the need for wrapped tokens or niche wallets. While Harman concedes that decentralized exchanges like the Ethereum-based Uniswap have to some extent done that already, he sees Chainflip as unique in not being tied to any one chain. Chainflip has its own network of validators and is running its own blockchain, Harman added.through a private token sale in August 2021. The token, FLIP, will be used as collateral for the protocol’s validators.
The latest capital injection of $10 million gives the team runway for the next three to four years, Harman said. It also means that the proceeds of the upcoming token sale can be freed up for providing liquidity — both for Chainflip’s automated market-maker and for the FLIP token itself.Oxen,
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