- Rift raises $8M to advance Bitcoin trading.
- Paradigm leads investment in cross-chain DeFi.
- Boosts BTC’s use in Ethereum’s DeFi protocols.
Rift, a peer-to-peer Bitcoin transaction protocol, has secured $8 million in funding led by Paradigm to enhance Bitcoin trading on Ethereum.
This funding underscores increasing institutional interest in Bitcoin interoperability, potentially boosting DeFi composability and expanding Bitcoin’s use cases across blockchain ecosystems.
Rift, a peer-to-peer Bitcoin protocol, secured $8 million to enhance trading on Ethereum. The funding aims to enrich cross-chain transactions, enhancing Bitcoin’s role in decentralized finance. Led by Paradigm, the investment supports technical innovations, reflecting confidence in Rift’s vision among institutional investors. Bitcoin trading integration on Ethereum could see substantial growth.
The move encourages deeper DeFi engagement with Bitcoin, potentially increasing its liquidity across Ethereum. This enables wider access to DeFi markets for Bitcoin holders. “Rift has secured $8 million in funding from Paradigm to bring native Bitcoin transactions to Ethereum and other platforms.”
Financial implications involve expanding Bitcoin’s utilization in DeFi infrastructure , leading to increased composability and transaction volume, potentially spurring further DeFi development.
Paradigm’s investment background reinforces confidence in Rift’s potential, aiming to enhance Bitcoin’s DeFi role. The integration enhances Bitcoin’s use beyond simple transactions. Aided by funding, it may transform Bitcoin’s interoperability in DeFi, potentially replicating the success of prior cross-chain projects like renBTC.
