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

Funding will also go toward external communication campaigns and to build out Chainflip’s products and team.

Updated Sep 14, 2021, 1:42 p.m. Published Aug 19, 2021, 1:00 p.m.

Chainflip, a decentralized automated market maker-based protocol, closed a $6 million funding round led by Framework Ventures.

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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.

Funding Rounds DeFi ParaFi Framework Ventures Chainflip

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.