Interlay, Polkadot’s newly created Parachain Network (DOT), is close to completing a two-year project to develop a Bitcoin (BTC) bridge on Polkadot with the announcement of the launch of the Kusama sandbox.

In addition, Interlay has integrated the Bitcoin (wBTC) digital asset, known as kBTC, into the Canary Kintsugi parachain. The property is already available for trading on two more Parachains Polkadot, Karura powered by Akala and Moonbeam powered by Moonriver.

Interlay is expected to roll out its technology to both Cosmos and Ethereum over the next year to improve interoperability across chains.

Alexey Zamyatin, co-founder and CEO of Interlay stated:

“Ethereum is worth $ 14 billion with DeFi bitcoins controlled by a handful of central guards behind KYC with no sanctuary for users or DApps if something goes wrong. Even the big players like Maker, Compound and Aave have tacit confidence in a few traditional institutions.”
The first development of this project was financially supported by an undisclosed grant from the Web3 Foundation in March 2020.

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Since then, the interoperability project has been the subject of two capital investments: an initial round of $ 3 million in July 2021 and a pre-Series A round of $ 6.5 million in December 2021. Under the latter, he was the founder and CEO of Major Shareholder DFG Capital, said James Wu. That decision by Interlay would “promote alternatives across Bitcoin chains.”

In February, Interlay was announced as one of the winners of the 10th slot machine at the Polkadot parachain auction, after receiving more than 2.7 million DOT tokens from almost 20,000 participants.

Source: CoinTelegraph

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