Cross-Chain Protocol Chainflip Raises $6M to Fund Growth, Security Audits

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Chainflip, a decentralized automated market maker-based protocol, closed a $6 million funding round led by Framework Ventures.

  • Other participating investors included ParaFi Capital, Distributed Global, Delphi Digital, Hypersphere Ventures, Coinbase Ventures, DeFi Alliance, Altonomy, Maven 11, Edenblock and Morningstar Ventures.

  • Founded in 2020, Chainflip allows swaps between different blockchains. The protocol is supported by Chainflip’s token, FLIP.

  • The funds will go toward Chainflip’s community development and user support, and to make “further progress around security audits, external communication campaigns,” it said.

  • They will also be used for building up internal operations while expanding Chainflip’s products and team, CEO Simon Harman said.

Read more: Framework Ventures’ DeFi Fund Booms as Tech Team Staffs Up

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