PiLab Technology, Inc., a blockchain technology company that has developed the multichain middleware platform, BIFROST, announced on March 24, 2022 that it will launch a $57 million Eco-Fund to expand its BIFROST ecosystem.
The fund will be granted to projects contributing to the Metaverse and Web3-based developments, such as non-fungible tokens (NFT) and decentralized finance (DeFi) to bring forth promising blockchain projects and DApps into the BIFROST ecosystem. The company has confirmed the fund to Delta Finance, a DeFi co-developed by Coinplug, a blockchain development firm, and Blockwater Technologies, a crypto investment firm.
“Any projects interested in using blockchain technology to build innovative Web3 products are able to receive the fund. Our Eco-Fund will further expand BIFROST with DApps that are interested in joining our ecosystem.” said PiLab’s CEO, Dohyun Pak.
PiLab Technology is a blockchain-based technology company that has developed multiple multichain services, including BIFROST and BiFi. With the mission of enabling DApps to operate on top of multiple protocols, Dohyun Pak founded the company with Jonghyup Lee, CTO, and Changhyun Yoo, COO, in 2017. Recognized for its innovative technology and proving the scalability of its products, PiLab has recently raised a $8.4 million Series A led by Korea Investment Partners, STIC Ventures, and Yuanta Investment Co., Ltd.