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Composable Finance recently announced the completion of a $32 million Series A round led by prominent investors in the Web3 and blockchain space. This marks a major infusion of capital and validation of the Composable vision of bequeathing the thriving web3 industry of absolute ecosystem agnosticism.
In January 2022, Composable successfully acquired a Polkadot Parachain slot at auction, bringing the company’s vision for the Composable Parachain to fruition. As of March 11th, the Composable Parachain went live on Polkadot, signalling the dawn of a new era in cross-chain interoperability for the DeFi ecosystem. The team accomplished this by raising over $100 million through 6 million+ $DOT contributions. The project has also generated over 110,000 KSM, or $40 million, by November, or the time of the auction’s finalization. This is the second Parachain Composable has acquired, after successfully winning a parachain on Kusama, dubbed the Picasso Parachain.
Composable is now positioned to supercharge its output and push to achieve its impact goals for the DeFi landscape. The next few quarters are expected to include multiple product launches and offerings designed to address DeFi’s core services and interoperability needs.
About Composable Finance and its overarching vision Composable Finance is building architecture to open up the cross-chain and cross-layer capabilities of Layer 1 and Layer 2 blockchains and enable a blockchain agnostic future.
Composable’s solution seeks to minimize the restrictions on DeFi producers and consumers around interoperability. The lack of interoperability between blockchains and layers leads to fragmented liquidity and inefficiencies. Developers are severely constrained in what they can construct with siloed infrastructures. DeFi users are forced to negotiate complex and costly bridging and asset transfer procedures to leverage different chains or layers.
Composable solves this through an interoperable ecosystem built on Polkadot parachains and a host of innovative DeFi primitives that solve core challenges within the industry. Its ultimate goal is to enable true blockchain agnosticism and the function of applications across multiple chains.
Reasons for funding, Parachain acquisition, and product roadmap Composable has raised its most recent round of funding to scale out its engineering and product efforts and expand its team. It acquired the Composable Parachain to allow the company to deliver the Blockchain-agnostic capabilities needed for a holistic DeFi user experience. Composable will soon be launching other products, such as the cross-chain virtual machine (XCVM), Pablo decentralized exchange (Pablo DEX), and Mosaic, its liquidity and transfer availability layer.
Through Composable Labs (the incubation arm of Composable Finance), the company collaborates with Advanced Blockchain AG, a leading blockchain investor and venture incubator. This convergence aims to identify and cultivate the most innovative DeFi solutions and create profitable business opportunities to advance DeFi adoption. Composable Labs builds and supports the next generation of leaders to develop solutions that will ultimately enable a blockchain-agnostic future. It will be a key beneficiary of this new round of funding.
The Composable Parachain will address numerous difficulties currently plaguing the industry by enabling smart contracts that span ecosystems through a singular accessible interface. The Parachain will benefit from Polkadot’s shared security and capacity to handle increased throughput. Large scale investors will be able to leverage Composable Finance’s technical stack with the shared security of the Polkadot parachain, and the increased throughput it can handle.
Picasso, the Kusama parachain of Composable is also set to launch in the coming weeks. This realized infrastructure will represent a natively interoperable ecosystem that developers and users can immediately start using to deploy cross-chain applications or farm yields. Through the substrate pallets on Picasso that enable the combination of applications and rapid scaling, Picasso will allow the deployment of applications across multiple layers and chains and cross-chain communication.
Composable’s capabilities and necessary infrastructure can now provide various access methods, availability, and functionality through the diverse DeFi ecosystem. The ultimate result will be flexibility for both end-users and programmers, with capabilities increasing further than manually transferring assets across different apps and chains.
Concluding thoughts Composable’s ecosystem users comprising developers and end-users, will be able to do much more than swap assets across apps on various chains. The infrastructure will orchestrate the quickest appropriate path for asset use relative to protocol, irrespective of chain or application, enabling blockchain agnosticism. All of the infrastructure and associated projects would also stand to gain from the powerful capabilities or functionalities of the Composable Parachain as it expands and approaches its peak performance.
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