Blockwater Management completes $3M Investment in Relaychain
Seoul based Digital Asset Fund, Blockwater Management, has completed a large scale $3M investment in the cross-chain bridge known as RelayChain. The OTC investment was completed on the week of 11/22/2021. The capital injection will allow the RelayChain team to scale their efforts in their mission to become the leaders in blockchain interoperability. Blockwater will also play a major role in advisory and networking.
Blockwater is known for being ahead of the curve in digital asset investing. They were seed investors in Fantom, Playdapp and BiFrost. One of the major pillars for their blockchain venture investment portfolio is Interoperability. Cross-chain bridges will be the key infrastructure pieces to enable blockchain interoperability. In his search for a promising new bridge, Blockwater CSO, Isaac Lee, discovered RelayChain. Lee was impressed with their number of bridge deployments, early revenue generation, profitability, and the tokenomics model. In just a few months of operation, RelayChain is already connected to 11 blockchains, has completed almost 20,000 bridge transfers, and generated over $250,000 in profits which are being used to reward token holders for staking. A portion of the revenues are also used to market buy and burn the RELAY token, making it deflationary. Many bridges have a token, but none can match this level of utility. The bridge transaction volume has been experiencing triple digit percentage growth month over month. Blockwater recognized that the RelayChain market cap was significantly undervalued given current revenues and the model based revenue projections.
About RelayChain
RelayChain enables fast and secure cross-chain token transfers between the world’s leading blockchains. The platform offers Bridging as a Service (BaaS) to partner dApps wishing to expand their footprint beyond a single chain
