The Rise of the FIO Protocol
A major player in the cryptocurrency space, Binance, has taken a significant step into the realm of blockchain interoperability by leading a $5.7 million funding round for the FIO Protocol. This exciting new decentralized protocol aims to make life easier for users across various blockchain networks.
Investors Rally for Usability
The funding round, which was announced on September 5, sees Binance Labs investing in Dapix, a blockchain usability firm based in Denver. Dapix is the brains behind the FIO Usability Protocol, aiming to streamline interactions across multiple blockchains, tokens, and coins.
This Series A funding saw participation from a range of existing and new investors, including:
- Access Venture Partners
- Dundee Venture Capital
- Blockwall Capital
- NGC Ventures
- LuneX Ventures
This diverse investment base highlights the growing interest in enhancing blockchain usability and creating a more user-friendly experience in the crypto space.
What is FIO Protocol?
The FIO Protocol is designed to serve as a layer of service that coexists with other blockchains, significantly reducing the risks and complexities involved in sending and receiving tokens between different networks. Its open-source nature guarantees transparency and adaptability, essential for the ever-evolving world of blockchain.
The Consortium Behind the Protocol
The Foundation of Interwallet Operability (FIO) boasts a consortium of 24 members, including popular crypto wallet services, exchanges, and payment processors. Some standout members are:
- Bitcoin.com
- ShapeShift
- Trust Wallet
- Atomic Wallet
- Enjin Wallet
These prominent players support the FIO Protocol, showcasing the collaborative effort to improve inter-wallet usability in the crypto landscape.
Presale Excitement and Future Launch
The launch of the FIO Address Presale allows users from various major wallets to reserve FIO usernames, quirky human-readable identifiers that replace the need for cryptic blockchain public addresses. As blockchain enthusiasts eagerly sign up for usernames, the prospects for this protocol seem bright.
With this recent funding and the presale, developers are well on track to deliver the mainnet launch of the FIO Protocol in early 2020, promising to revolutionize how we interact with cryptocurrencies.
