Transferwise CEO Taavet Hinrikus and LocalGloabe back DeFi start-up Radix in $4.1m fundraise

By Daniel Lanyon on Friday 10 July 2020

Savings and Investment

The round was will fund the development of the public release of its decentralised finance protocol.

Transferwise CEO Taavet Hinrikus and LocalGloabe back DeFi start-up Radix in $4.1m fundraise
Image source: RADIX

Radix DLT has raised $4.1m from LocalGlobe, and TransferWise’s Taavet Hinrikus, in its bid to launch a "revolutionary" decentralised finance protocol.  

Decentralised finance of 'DeFi' aims to bring cryptocurrency technology such as blockchain to as well as the idea of distributed connectivity to wider world of financial services. Adherents say this will lower costs involved in the buying and selling of all securities, loans and current account taking away traditional gatekeepers of financial infrastructure.

The firm says it is building a decentralised finance protocol "that provides frictionless access, liquidity and programmability of any asset in the world".  

Saul Klein, partner at LocalGlobe said" “I see the same revolutionary potential in the Radix team as I did with the Skype and Netscape teams at the birth of the internet. We're excited to join them at the start of a new decentralised network revolution.” 

Underpinning all this are Smart Contracts and blockchain. Radix offers two core products Ceberus, "a linearly scalable consensus algorithm" and the Radix Engine, an interface for developers to allow build apps using its public ledger.

Piers Ridyard, CEO, Radix DLT: “We are confident that with the support of LocalGlobe, Taavet and our community, Radix will be able to provide the essential infrastructure required for DeFi to scale from being an emerging niche for crypto enthusiasts to the new global standard for frictionless finance for people everywhere.” 

The funds from LocalGlobe and Taavet take the total raised by Radix to $10 million since 2013

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