The massive fund will allow the startup to pay for marketing and integrate more bridges, as well as DEXs.
LI.FI, an infrastructure protocol providing cross-chain bridge and decentralized exchange (DEX) aggregation across 14 diverse blockchains, has recently announced that it raised $5.5M to expand to additional Layer-1 blockchains.
According to the official report, the funding round was led by 1kx, a crypto-based early-stage token fund. On top of that, a number of investment firms also provided a significant contribution, including Rocktree Capital, Lattice Capital, Scalar Capital, Dragonfly Capital, Coinbase Ventures, and 6th Man Ventures, as well as Smape, Rari, Zapper, Transak, Aave, Nansen, and others.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
DEX vs CEX: Which is Best for YOU? (Explained with Animation)
Lasse Clausen, a founding partner at 1kx, mentioned that “bridging is an anxiety-inducing and often risky experience for both end users and developers.” LI.FI undertakes the difficult work of abstracting away the underlying complexity to allow more “inventive applications and ecosystem collaboration,” he concluded.
Phillipp Zentner, the founder and CEO of LI.FI, commented on the collected capital and noted that it will assist the company in the marketing area, as well as provide the means of integrating more DEXs and bridges.
Likewise, the firm will be able to expand its team and bring LI.FI “one step closer to connecting the ecosystem by powering cross-chain strategies for dApps.” The blockchain-driven giant added:
“This is just the beginning of our journey together. There’s a long road ahead, and we’re in it for the long haul.”
In other news, back in March, LayerZero, a Vancouver-based omnichain interoperability protocol founded in 2021, secured a $135M fund to build a "cost-effective" protocol that connects several major blockchain networks and provides cross-chain support for decentralized applications (dApps).
