Emerging blockchain innovator Clover Finance has closed a $3 million seed round for building a bridge between Ethereum and Polkadot, in addition to a planned future bridge with the Bitcoin blockchain.
To elaborate, Clover collaborates with another Substrate project Snowfork and code unit ChainSafe to build a bridge between Etheruem and Polkadot.
The financing was directed by Polychain’s GP Tekin Salimi, who offered UBJ his thoughts on the transaction: “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.”
On Clover’s side, 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.