Silicon Valley investment fund Polychain Capital just made a historic new play in the blockchain market, by seeding Clover Finance – the first venture to build a bridge between Ethereum and bitcoin- $3 million.
Polychain’s GP Tekin Salimi elaborated on the transaction by stating:
“We believe Clover’s timing for launch gives it a unique edge to leverage upcoming Bitcoin protocol upgrades to facilitate two-way pegs between Bitcoin and Ethereum,” Polychain general partner Tekin Salimi said in a Telegram message to CoinDesk.One of the challenges prior Bitcoin-Ethereum bridge attempts faced was in Bitcoin’s limited scripting language. We think the Bitcoin/Ethereum bridge is the most interesting feature, as it’s unique to Clover.”
His other comments on the deal have been picked up by the numerous other publications including Yahoo, UBJ, Tech Bullion, and Times Business News.
Overview Of The Deal
Clover’s tech backend is compatible with the Ethereum Virtual Machine (EVM), a necessary step for applications like decentralized finance (DeFi) apps to work on Clover. The startup has redesigned Clover’s payment scheme to increase ease of use for ordinary consumers as well. For example, Clover has a dynamic fee schedule that increases costs proportionally to use.
Project Chief Burak Keceli shared:
“Clover is also planning to become the first non-trust bridge in the crypto industry.”
For more information on Clover, please visit https://www.clover.com/financial-solutions