Radix DLT has raised $4.1m from LocalGlobe and TransferWise’s Taavet Hinrikus to bring its revolutionary decentralised finance protocol to the public.
Designed to solve many of the pain points in today’s centralised financial system – involving lack of access, poor liquidity and high costs – Radix’s protocol removes these frictions through a series of technological advancements, while enabling the next-generation of financial apps and services to be built.
The Radix public ledger unlocks the power and potential of decentralised technology. A potential that has been promised for years, yet has – until now – remained largely unfulfilled. The potential is so vast that DeFi is on track to be the world’s fastest-growing industry, with projections putting the market value at being worth $64.5bn by May 2022.
For years, the blockchain has been promoted as the catch-all solution to solving many of today’s growing needs surrounding data, security and governance. While many of these solutions are yet to be realised – due to a distinct lack of product fit or market potential – the full power of the blockchain lies in decentralised finance.
Within centralised finance, apps and services must seek permission from each other to share data, move capital and connect on a network basis. This financial intermediation limits access, restricts the movement of capital and assets, and costs a staggering $71bn each year.
This setup also creates an unequal system where the wealth and regulations are controlled and governed by a centralised body.
Building on the successes of current public ledgers, like Ethereum and Bitcoin, Radix’s protocol not only creates a permissionless, frictionless framework upon which innovative DeFi services can be developed and run, it has solved two of the biggest challenges – scalability and security.
These solutions are built on two of Radix’s core innovations: Cerberus, a linearly scalable consensus algorithm, and the Radix Engine, a developer interface that allows quick public ledger deployments using a secure-by-design environment.
The funds from LocalGlobe and Taavet take the total raised by Radix to $10 million since 2013, and come at a key time for the industry.
Saul Klein from LocalGlobe commented, “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.”
Piers Ridyard, CEO of Radix DLT added, “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.”
Radix plans to use this latest investment to grow the global team and realise Radix’s vision to build the protocol that powers the future of decentralised finance as it prepares for its token listing towards the end of this year.