Interoperability start-up Interlay has reportedly obtained $6.5 million of capital injection via an investment round led by DFG Capital, dedicated to developing infrastructure for DeFi apps in top-tier blockchains. 

Specifically, the announcement reportedly read that the freshly acquired capital injection will be channeled towards scaling up Interlay’s current operations, as well as reeling in extra engineers with its open-source platform. 

James Wo, DFG founder, and current Head, reportedly revealed that Interlay’s solution will “expand the cross-chain possibilities for Bitcoin.” 

Interlay reportedly looks to achieve its primary goal of integration for digital coins such as Bitcoin (BTC) with different DeFi platforms, nominally Polkadot, Ethereum, and Cosmos. 

InterBTC, the primary solution of the firm, reportedly functions as a fully crypto-based Bitcoin-backed asset, receiving backing from a variety of collaterals and functions, like an algorithmic stable coin that can be fully redeemed for Bitcoin.

The Web3 Foundation – the entity supporting the Polkadot project – reportedly offered the initial funding to commence design two years ago, looking to take advantage of Bitcoin’s liquidity to accelerate the development of the DeFi ecosystem, as per the release. 

Interlay reportedly has a goal of increasing twice the current size of its workforce throughout the next eight months. At the moment, it has 15 full-time employees and over 100 community, ambassadors.

Defi interoperability is reportedly viewed as a crucial stage in the growth of the ecosystem and could pave the way for amplifying mainstream adoption.

The DeFi sphere has reportedly experienced a major boom this year, with the total value of every DeFi protocol exceeding $270 billion in early November amid a strong rally in cryptocurrency markets.