Linear Finance To Introduce Cross-Chain Synthetic Asset Exchange
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Linear Finance To Introduce Cross-Chain Synthetic Asset Exchange

September 9, 2020      Jyoti Singh

Hong Kong-based DeFi Protocol Linear Finance has recently raised $1.8 million from the financing round and now will be using the fund for introducing Synthetic Asset Exchange.

A few of the companies like NGC Ventures, Alameda Research, Hashed and CMS Holdings led the financing round organized by the Linear Finance. 

Along with the leading companies, there were some other companies like Soul Capital, Moonrock Capital and PANONY that participated in the round.

Linear Finance Raise $1.8 Million In Financing Round

As per the notification, $1.8 million funds raised by Linear Finance would be used by the company for building a Syntethic Asset Protocol. 

The Hong Kong-based DeFi protocol would roll-out Synthetic Asset Protocol’s testnet in October and if the things would go right then the mainnet would be introduced in the market, in the very next month.

The Co-founder of Linear Finance, Kevin Tai, recently, while explaining Synthetic assets stated that they are the tokenized form of the physical assets. Further, it has been specified that the users would be allowed to use the synthetic assets tokens as derivatives, that means, the tokens could be traded with leverage.

Presently, there are two synthetic asset protocols that are very popular in the DeFi Market and they are Synthetix and Universal Market Access (UMA). 

It is to be noted that both of these Ethereum-based do not comply with any other blockchain platform.

Linear Finance Protocol To Be Cross-Chain Compatible

The co-founder of Linear Finance further mentioned that although the DeFi protocol has been developed on Ethereum, it still will have an ability to comply with other blockchains. 

Recently, without disclosing its partnership details with other two blockchains, Tai, stated, “We will be interoperable. We will be integrating with Binance Smart Chain to start with and two other blockchains in the near future.”

Tai further explained that the new interoperability function would allow Linear Finance to help the customer of the Binance network.

Another co-founder of Linear Finance, Drey Ng has also notified that its newly developed protocol would not only be cheaper but also fastly accessible.

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#Alameda Research #Co-founder of Linear Finance #DeFi protocol #Hashed and CMS Holdings #Hong Kong #Kevin Tai #Linear Finance #Moonrock Capital #NGC Ventures #PANONY #Soul Capital #Synthetic Asset Exchange #Synthetix #Universal Market Access (UMA)
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.