Clover Finance successfully raised $ 3 million to build an Ethereum bridge with Polkadot

Clover Finance, a Parachain on Polkadot, just completed a $ 3 million seed round to build a bridge from Ethereum to Polkadot. Besides, the project also plans to build a bridge to the Bitcoin network.

Clover Finance successfully raised $ 3 million to build an Ethereum bridge with Polkadot

This fundraising round is supported by Polychain, Hyspershere, Bithumb Global, and Divergence Ventures. Clover collaborates with another Substrate project Snowfork and code unit ChainSafe to build a bridge between Etheruem and Polkadot.

Project Chief Burak Keceli shared:

“Clover is also planning to become the first non-trust bridge in the crypto industry.”

Clover’s backend will be suitable for Ethereum virtual machines, a necessary step for the DeFi application to work on Clover. The startup has also redesigned its payment system so that customers can use it more conveniently. For example, Clover establishes a flexible fee system depending on the needs of the users.

The team will proceed to establish a paved bridge to the Bitcoin network. It is expected that implementation progress will largely depend on whether the Tapscript and Taproot proposals get passed quickly or not.

This bridge will theoretically be the right chain for EVM and connect Ethereum, Clover, and Bitcoin.

Polychain representative Tekin Salimi said:

“We believe that the timing of Clover’s implementation will be effective leverage in parallel with the upcoming Bitcoin protocol upgrades, to support a two-way bridge between Ethereum and Bitcoin. One of the challenges to previous bridges was the language limitation. We believe this is a special feature of Clover and an interesting feature of this ETH – BTC bridge.”

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