Centrifuge has raised $4 million in a strategic round from investors including Coinbase Ventures and BlockTower.
BlockTower’s backing is more than just a simple VC investment, Vogelsang said. The BlockTower credit team has secured approval to be onboarded as a collateral provider to MakerDAO. BlockTower is set to provide $70 million in junior capital alongside Maker's contribution of $150 million to create a $220 million pool on Centrifuge.Centrifuge has two core users, Vogelsang said.
Right now, investors interact with these assets through Centrifuge’s marketplace Tinlake, which will likely be wound down at the end of this year and be replaced with a multi-chain experience, Vogelsang said. “The Centrifuge parachain on Polkadot, that's what the issuers use to create these assets and then we're going to bridge them to wherever there is liquidity,” Vogelsang said. “Meaning the issuers can just go and put the assets where there’s the lower cost of capital.”
“From a product perspective, if I told you that you have to change banks to buy Apple shares you wouldn't buy Apple shares, right?” he added. Bridging helps to solve this problem but it's also a huge candidate for hacks. More than $2 billion in cryptocurrency been stolen across 13 different bridge hacks, according toCentrifuge will leverage Polkadot’s trustless Snowfork bridge as well as XCM to connect to parachains.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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