Composable Finance, a DeFi interoperability protocol has announced a $7 million raise backed by 16 notable blockchain investment firms.
According to a release issued on Tuesday, the funding round was led by Advanced Blockchain AG and Rarestone Capital. Other participants included Alameda Research, Spartan Group, Divergence Ventures, and Blockchain Capital, among others.
Composable Finance is seeking to enhance DeFi synchronicity via a two-pronged approach to interoperability on both Ethereum (ETH) and Polkadot (DOT) with the latter forming a basis for further cross-chain interactions.
According to Cosmin Grigore, CEO of Composable Finance, blockchain interoperability will push the emerging technology into “a new world of possibilities.”
Given the asynchronous nature of the blockchain space, bridging is often required to port liquidity across layers and chains. Indeed, as previously reported by Cointelegraph, cross-chain composability has been seen as a panacea to the liquidity fragmentation issue in the DeFi space.
In a conversation with Cointelegraph, 0xbrainjar, a Composable Finance developer summarized the project’s end goals, thus:
“We see there