Composable Finance Raises $32 Million Series A For Cross-Chain Composability
Berlin, Germany, March 31, 2022 (GLOBE NEWSWIRE) — Composable Finance is pleased to announce that it has raised $32 million in Series A funding. The round included notable investors in the space. GSR, Tendermint Ventures, Fundamental Labs, Coinbase Ventures, LongHash Ventures, Figment VC, New Form Capital, Blockchain Capital, Yunt Capital, Jump Capital, Polytope Capital, NGC Ventures, SOSV, and Spartan Group were among those who participated.
This latest round of funding marks another step in Composable’s journey to build and launch what it believes to be the final missing “LEGO” building block in the Web3 and DeFi technical stack: cross-chain composability. Composable argues that despite composability being a defining characteristic of DeFi and Web3, it is, with disappointment, limited to isolated chains and layers in its current form. To that end, Composable Finance is among the first to develop a development and execution environment that aims to deploy orchestration logic that allows for ecosystem – agnostic, cross-blockchain communication in a truly decentralized fashion.
The fundraise comes after the successful procurement of two parachains, both on Polkadot (Composable Parachain) and Kusama (Picasso Parachain). Composable has also built out its offering with Mosaic, its transfer-availability layer, Centauri, the IBC Substrate bridge to the Cosmos ecosystem, and Pablo, our next generation decentralized exchange on Picasso. The new capital will be used to expand the team and build products that push the blockchain and Web3 industry further along the continuum of interoperability. Futuristic capabilities like cross-chain computing, with smart contracts that span multiple ecosystems, and developers that spin up protocols that securely handle institutional throughput, are a reality through Composable’s cross-chain virtual machine (XCVM) and Routing Layer.
Both sit on our new Composable Parachain, which benefits from Polkadot’s shared security and scale. Composable believes it can achieve a point of absolute blockchain agnosticism, standardizing access for DeFi applications, wherein developers and users enjoy ultimate user accessibility and optimized function across multiple ecosystems.
Investors at Figment commented, saying: “We are excited to partner with the team at Composable Finance. Throughout this process, we have seen the team build incredible projects at a particularly amazing rate. We believe the launch of their parachains on Polkadot and Kusama as well as their building a suite of cross-chain DeFi applications, will ultimately lead to greater user adoption of these ecosystems.”
Rob Zhuang, Head of Operations, connects product, design, and development to optimize the team’s performance. He believes the new round will enable Composable to deepen its world-class team: “Effectively harnessing the talent, we have to build a world-class team that can execute and solve DeFi’s pressing challenges has been core to what we do at Composable. I am excited for what lies ahead as we empower our team to define the future of DeFi.”
Zain Awan, Composable’s Chief Marketing Officer (CMO), acknowledges the significance of this event in scaling their processes and easing adoption barriers: “One of our core strategies has been to lower the barrier of entry into DeFi through effective communication, education, and much-needed thought-leadership in the space. We recognize the nascency of DeFi, and our recent raise will help us scale our processes to fill knowledge gaps and ease adoption barriers. Ultimately, this should help us solidify Composable as the face of DeFi’s future.”
Karel Kubat, Composable’s Chief Technical Officer (CTO), brings to light the importance of attracting the best technical talent in order to develop cutting-edge solutions in the DeFi space: “The blockchain and broader Web3 space remain at a point of inception. It has been a little over a decade since the first blockchain. Yet, we are witnessing impressive innovation and user adoption despite the steep learning curves required to navigate the technology. Our Series A reflects the industry’s need to solve the problem of interoperability and its related challenges. Composable will attract the best technical talent most interested in tackling challenges at the forefront of DeFi and help build the future we all want through our technology stack.”
The team at Composable Finance is excited to leverage its latest round of investment to grow its team and continue engineering novel interoperability solutions in industry.
Media Contact: Zain Awan, Zain@composable.finance