Li.Fi said the fundraising will help them execute their long-term strategy of getting more users into Web3.
In the latest development, Li.Fi – multichain liquidity and data gateway provider – raised a total of $17.5 million in Series A fundraising co-led by crypto native investment firms Superscrypt and CoinFund. The fundraising comes at a time when the global macro environment is uncertain and liquidity is drying up.
Li.Fi Series A Funding
Li.Fi said the fundraising will help them execute on their long-term strategy. The crypto startup seeks to bring more users to Web3 by enabling tokens and orders and allowing them to trade on any chain in a seamless manner.
Li.Fi is currently betting on the growing demand for decentralized finance (DeFi) since the fall of centralized exchange ftx Last year in November 2022. Furthermore, centralized exchanges have recently been facing increased scrutiny from regulators. Regulators in the US shut down several crypto-friendly banks last month. In such a situation, the importance of DeFi is increasing once again.
In a research note published last month, investment firm Bernstein said that a revival of decentralized finance (DeFi) is once again in the works. they added that DeFi “is far more sustainable, scalable, transparent and with improved token economics.”
More About Crypto Startup Li.Fi
Berlin-based crypto startup Li.Fi helps developers navigate an extremely fragmented collection of Layer 1, Layer 2 and Layer 3 blockchains. It also helps developers navigate through the decentralized exchanges present in decentralized finance (DeFi), as well as bridge platforms that connect different blockchains.
Li.Fi provides application programming interfaces (APIs) for developers to build prototypes and get to market faster. In an interview with CoinDesk, Philip Zentner, CEO of LI.FI Said,
“For someone who wants to build on that front-end infrastructure – and fragmented liquidity as well – it’s a lot of integration overhead. And it’s a huge profusion of sunk costs. You don’t know what’s going on and what’s not going to work. or which systems are getting breached or hacked. Systems can run out of liquidity. There can be a strategic change and you have to adapt to the new ecosystem. There’s a lot of integration maintenance involved, and we Let’s take that part by aggregating the most important DeFi infrastructure.
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Bhushan is a Fintech enthusiast and has a great understanding of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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