Bifrost received a new round of angel financing, several leading institutions participated in the investment.
On January 28, 2021, we are very excited to announce that Bifrost already reached new round of angel financing, this is the the second round of financing after the seed round with 600,000 USD in September, 2020. This round of investment institutions include: CMS Holding, Altonomy, Sevenx, Zonff Partners, PAKA, Timestop Capital, InCuba Alpha, Oasis Capital, Kernel Capital and Loopring co-founders Jay Zhou and Steve Guo and other individual investors. Seed round investment institutions SNZ Holding and DFG continue to make additional investment.
After Bifrost completed the round of financing, Bifrost experienced rapid development, accumulating community, advancing products, in-depth cooperation partners, and a solid roadmap in a few months. It shows the growth and transformation that Bifrost has experienced, through hard work in 2020, Bifrost has now completed more than 80% of the basic function development. By March 2021, the last version of the Asgard CC4 testnet will be released before mainnet.
As the significant pledge derivative protocol in the Polkadot ecosystem, Bifrost already has 8,200+ active addresses on chain. They participate in the contribution of the Bifrost ecosystem through testnet incentive, cross-chain testing, bug submission, article writing, content translation, etc. In Asgard testnet, there were a total of 1,231 nodes from 7 countries participated in the test, and the number of online nodes reached 890. There were 66,385 times of EOS cross-chains during the testnet.
In three days before the launch of the Ethereum 2.0 beacon chain, Bifrost launched the ETH 2.0 staking derivative vETH, and simultaneously launched the first phase of vETH Mint Drop event, the highest mint amount was 15,088.7563 vETH, and subsequently cooperated with Layer-2 protocol network Loopring, both promoted vETH liquidity, which exceeded $900,000 liquidity in Ethereum Layer-2 network. In general, vETH will be launched in four stages, Before the Bifrost mainnet goes online, vETH is already on the Ethereum Layer-1 and Layer-2 accumulated the initial liquidity scale and stable discount rate of 5–10%, it also shows the market’s recognition of the decentralized acceptance of vETH. These vETH will become the first batch of cross-chain assets entry to Polkadot ecology after the Bifrost mainnet online, it is getting more exciting that Bifrost is about to connect Kusama and Polkadot in the near future.
After undergoing a transformation from zero to one, Bifrost is about to usher in growth from one to 100. Today, Bifrost is proud to announce that it has received a new round of financing of $1.55 million. New strategic partners Altonomy and Loopring help Bifrost to build liquidity for pledged derivatives, and link global resources for Bifrost on the market, financing and strategy levels.
SNZ is a blockchain fund founded by a group of engineers, blockchain evangelists and entrepreneurs passionate about disruptive blockchain technologies. We envision blockchain as a way to restore the original spirits of the internet and an opportunity to build a better future with protected privacy, validated information, distributed supercomputing, digitalized assets and beyond. Our mission is to empower valuable blockchain projects through the SNZ hub, a network with global top tier venture capitals, state-of-the art blockchain technologies, and various communities.
Digital Finance Group (DFG) is a global blockchain and digital asset investment company that established in 2015, DFG manages more than $550 million in investments.
DFG’s investment portfolio includes equity projects such as LedgerX, Brave, Circle and Ripio. DFG is also a major investor in DOT and DOT ecological projects, Near, solana, and avalanche.
CMS Holdings was founded by Daniel Matuszewski, the former head of Circle Trade, an over-the-counter (OTC) platform owned by the crypto asset company Circle. Other partners of the company include Bobby Cho, former head of trading in the crypto department of the broker Cumberland DRW, and Julien Collard, former head of technology at Circle-Seguin.
Altonomy is a global trading house that provides institutional-grade liquidity solutions, OTC trading and asset management services, with a presence in Singapore, the US and China. Altonomy is also an active strategic investor, with its deep roots and unqiue insights in trading, helping early stage projects with comprehensive secondary market planning and global go-to-market strategies. Altonomy is founded by veteran traders bringing decades of experience from marquee brands including Goldman Sachs, Citibank, Morgan Stanley, CME Group, etc.
SevenX Ventures is very tech-driven crypto investment company with a total cap of $12mm. The core team has 4–5 year experience in the crypto market with expertise respectively in overall go-to-market strategy, token model design, marketing, centrailzed exchange and community resources. What makes SevenX special is that it is a very pro-active investor that helps a project have a better growth within its knowledge and connections.
Zonff Partners, founded in November 2017, is a fund focused on venture investments, quantitative hedging and mining& computing investments in the cryptocurrency industry, which is drived by industry life cycle and in-depth research and we adopt more complex three-dimensional management strategies to capture structural opportunities in the development cycle of blockchain systematically, expand investment portfolio and strategically layout our own ecosystem. Zonff Partners has over $200 million under management and has invested in over 60 projects, such as DoDo,Phala,Bifrost,McDex,Bitwell,FinNexus,Maskbook and Tidal in 2020. And we have rich industrial resources both in China and overseas, and actively participate in various excellent developer communities and autonomous organizations, aiming to promote the stable development of the industry together with entrepreneurs. We currently focuse on Web3 infrastructure, open finance, applications in entity industry and trading ecology track.
PAKA is a DAO fund, co-founded by the founders of Stafi, Phala, Bifrost, Crust and Litentry. It focuses on incubating and investing in hard-core technical teams, providing technical guidance, seed round investment, strategic planning and other support to make waves Card ecology can develop healthily on a solid foundation.
TimeStamp Capital is a professional token & equity fund for early stage start-ups which are devoting themselves to the blockchain industry. We are focusing on blockchain technology study, market research and providing investing and consulting services.
Incuba-alpha is a crypto fund empowering talents building an open digital society.
Oasis Capital is a fund company focusing on cutting-edge project investment and digital asset management in the crypto world. Based on the technology, knowledge and resource advantages accumulated in the blockchain industry for a long time, it is committed to discovering and incubating a group of frontiers that can lead the trend of the crypto world Project to promote the continuous development of the blockchain industry. In addition, Oasis Capital has the ability to vertically integrate from project incubation, promotion to launch, and provides multi-dimensional pre-investment and post-investment services to project parties through integrated marketing and community building programs.
Kernel Ventures is a tech-driven crypto fund. After years of accumulation, the founding team has not only profound industry research and insight, but also a wide range of media and community influence. With rich investment experience, Kernel Ventures is committed to searching and enabling potential blockchain projects. In addition, focusing on Open Finance, privacy calculus, Web 3.0, etc, Kernel Ventures operates a blockchain eco-base in partnership with some leading players.
What is Bifrost ?
Bifrost is a Polkadot Ecosystem DeFi infrastructure protocol that aims to become an infrastructure for providing Staking liquidity, and currently offers a derivative vToken for Staking and Polkadot Lease Offering (PLO). It is also a member of the Substrate Builders Program and Web3 Bootcamp. vToken can optimise transactions in multiple scenarios such as DeFi, DApp, DEX and CEX.
vToken can optimise transactions in multiple scenarios such as DeFi, DApp, DEX and CEX. vToken can be used to realise the transfer channel of governance right such as Staking and PLO to hedge the risk of Staking assets. In extended scenarios such as when vToken is used as collateral for lending, the staking proceeds can offset part of the interest and realise low-interest lending.