Radix DLT raises $4.1m for public release of DeFi protocol

Radix DLT has raised $4.1m from LocalGlobe and TransferWise’s Taavet Hinrikus to bring its decentralised finance protocol to the public. It takes the total raised by Radix to $10 million since 2013.

Designed to solve many of the pain points in today’s centralised financial system – such as lack of access, poor liquidity and high costs – Radix’s protocol removes these frictions while enabling the next generation of financial apps and services to be built.

Within centralised finance, apps and services must seek permission from each other to share data, move capital and connect on a network basis. This limits access, restricts the movement of capital and assets, and costs a staggering $71bn each year, according to the Radix DLT.

The Radix public ledger aims to unlock the power and potential of decentralised technology. Public ledgers 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 smooth, secure flow of data and capital.

Building on the successes of current public ledgers, like Ethereum and Bitcoin, Radix’s protocol creates a permissionless, frictionless framework upon which decentralised financial systems (DeFi) can be developed and run.

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.

“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,” said Piers Ridyard, CEO.

LocalGlobe and Taavet bring their huge collective experience in scaling companies such as TransferWiseCitymapperZoopla, and Robinhood – giving the Radix team the ability to harness the managerial acumen and input from some of the leading figures in the technology industry.