Radix DLT, a London, UK-based decentralised finance protocol company, raised $4.1m in funding.
Backers included LocalGlobe, and TransferWise’s Taavet Hinrikus.
The funds take the total raised by Radix to $10 million since 2013. The company intends to use the funds to bring its decentralised finance protocol to the public and grow the global team.
Led by Piers Ridyard, CEO, Radix DLT is building a decentralised finance protocol that provides access, liquidity and programmability of any asset in the world. Designed to solve many of the pain points in today’s centralised financial system – involving lack of access, poor liquidity and high costs – the company’s protocol removes these frictions through a series of technological advancements, while enabling the next-generation of financial apps and services to be built. Public ledgers, like the one developed by Radix, are managed and operated by the communities using them. This creates a decentralised, permissionless, transparent system that democratises access to financial services, while creating a network of assets to allow for the secure flow of data and capital. The company’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 its 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.