Startup Umee, which is developing a 'bridge' between DeFi projects in various blockchains, has closed a $6.3m seed funding round, led by Polychain Capital.
1/6 We are pleased to announce: Umee has raised a $6.3MM seed round for creating a Cross Chain DeFi Hub! The round was led by @polychain with participation from @IDEOVC,@AlamedaResearch,@cmsholdings, @BKBrianKelly,@coinbase,@Consensys, @tendermint_team. https://t.co/Rmh9hflCdX— Umee (@Umee_CrossChain) June 15, 2021
IDEO CoLab, Alameda Research, CMS Holdings, Coinbase Ventures, Consensys, Tendermint and BKCM CEO Brian Kelly also took part in the round.
The project is working on crosschain-stacking, where assets in one blockchain are used to interact with assets in another - a universal pool of capital for tokens from different networks.
To do this, Umee will use the IBC protocol from the Cosmos ecosystem and the bridge-building technologies from the Gravity Bridge project.
"Umee will focus on DeFi-network interoperability between Cosmos and Ethereum and later on interoperability with projects from other blockchains," Umee founder and head Brent Xu told CoinDesk.
He previously worked at ConsenSys and Tendermint, where he worked on Cosmos and IBC. Tendermint has built networks such as Binance Smart Chain and Terra.
The ultimate goal is to take the DeFi sector to the next stage of evolution, where interest rates in one network will affect their size in another. This will lead to the creation of concepts such as crosschain staking rates, the time value of crypto-assets and the interest rate curve in the DeFi-segment as a whole.
The team will launch the platform after conducting a thorough architecture and protocol design review. Umee's management token is expected to be created.
Recall that in April, technology provider Soramitsu announced the launch of an AMM Polkaswap-based DEX interconnect on the Polkadot network.
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