LONDON, Feb. 09, 2022 (GLOBE NEWSWIRE) — Composable Finance has recently secured a Polkadot Parachain slot at auction by raising well over $100m dollars through over 5 million $DOT contributions.
DeFi protocols have been among the more widely adopted applications in the blockchain landscape, holding the power to transform finance as we know it. The use cases of DeFi applications continue to expand, and projects have continued to progress and see success as they position themselves as driving forces in the development and adoption of blockchain technology. The recent market dip has thus not halted some well-established projects from innovating and spearheading the path for a DeFi-enabled future.
Composable Finance, for instance, has remained relentless in its vision to birth and pioneer new and cross-chain capable financial primitives. They have positioned themselves to focus on building in the DotSama (Polkadot & Kusama) ecosystem for the added benefit of their interoperable infrastructure that utilizes Substrate technology. Notably, Composable Finance has recently secured a Polkadot Parachain slot at auction by raising well over $100m dollars through over 5 million $DOT contributions. However, this is not the only auction Composable has secured; in November Composable raised over 110,000 KSM totalling over 40 million dollars at the time of the closing of the auction. Composable is now positioned to leverage its protocol and infrastructure across these respective ecosystems and has already ventured into solutions for the Cosmos-verse through its primitive bridging solution Centauri.
In addition to this milestone achievement, Composable Finance has expanded its development team by over 30% in the past 3 months, and continues to attract the best talent in the DeFi space and beyond. Composable Finance ensures it can solve a variety of ecosystem problems by building and unifying available technology with the research and development of new solutions. Composable Finance has pioneered Composable Labs as an incubation arm that is equipped with the necessary resources and technological needs required to pioneer and birth flagship projects such as Instrumental Finance, Arturo, Angular Finance, and Bribe – which are being natively deployed on its groundbreaking infrastructure – the Picasso parachain.
Prior to securing their Kusama and Polkadot Parachains, Composable was incubated by German publicly-traded venture firm, Advanced Blockchain. Michael Geike, CEO of Advanced Blockchain mentioned, “Composable Finance, is one of the most important projects that we have invested in as it allows other projects to utilize its infrastructure, thus creating exponential growth through ecosystem development.” Composable Labs works closely with the incubation team of Advanced Blockchain AG. Advanced Blockchain provides invaluable expertise and resources to the development and growth of projects and will continue to play a vital role in collaborating and…
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