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

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.

Source: Coindesk