Clover Finance Seed Funding $3 million to Bring Ethereum DEFi Apps to Polkadot

Clover Finance Seed Funding $3 million to Bring Ethereum DEFi Apps to Polkadot

By Novasky | CryptoEd | 24 Feb 2021


Clover is a parachain on polkadot that has been developing the blockchain infrastructure for substrate apps. It has recently done a lot of investments for bringing various DEFi apps on Polkadot for it's cross-chain efforts.

Clover has done one interesting seed funding round investment of about 3 million to bring some of the existing Ethereum DEFi infrastructure apps to Polkadot. 

Firms behind this seed investment round are - Bithumb, Polychain capital, divergence ventures and Hypersphere.  

 

 

What are some of the Clover Investments on Polkadot ecosystem?

 

Clover is investing a lot of money on projects which are focused on DEFi and parachain interoperability. They have already made partnership with BoringDAO for imoproving DEFi on polkadot. Apart from that they have also made partnership with Litentry for DID adoption scenarios in DEFi on Polkadot ecosystem.

Few days back they also mentioned on twitter about their technical partnership with Bella protocol for the DEFi efforts on Polkadot. 

 

 

 

What does this investment mean for finance sector and investors?

 

Clover investing into the DEFi projects means a lot of ETH based DEFi projects are likely to switch their efforts on scalable network like Polkadot. This also speeds up the bridging efforts of multiple blockchains which are suffering in ETH ecosystem due to high fees. 

Clover's aim to become cross-chain DEFi bridge is getting closer to the fruition after the investing into the projects that are working towards the similar goal. 

Clover is not stopping at just DEFi but also investing into the two-way peg for the ETH and BTC blockchains. This would mean a lot of applications can now build on polkadot without having to worry about fees and the other scaling burn rate that they face on Ethereum blockchain. 

We won't be surprised if we see the government regulated financial firms move their efforts on Polkadot instead of Ethereum in near future. The amount of scaling options and cross-chain benefits that Polkadot offers are far more beneficial than any other chain for the DEFi ecosystem. 

You can check Clover for more Polkadot DEFi & Cross chain efforts. 


Novasky
Novasky

Crypto Blogger and Open Source Developer.


CryptoEd
CryptoEd

Crypto Education, News, Tutorials and Opinion on Crypto adoption in society.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.