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FIO Protocol Raised $5.7M on a Series A funding round led by Binance Labs

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FIO Protocol Raised $5.7M on a Series A funding round led by Binance Labs

Based on a press release today (Sept 5) Binance Labs has invested in a Denver-Based blockchain firm Dapix. It has been developing a Foundation of Interwallet Operability’s (FIO usablity Protocol).

Series A round also took part by existing investors such a Access Venture Partners and Dundee Venture Capital. And on the list of new investors are Blockwall Capital, NGC Ventures and LuneX Ventures.

This funding round will allow the initial launch of FIO Protocol. This is a decentralized and open-source blockchain protocol that is created specifically to improve usability across multiple blockchains, tokens or coins.

This protocol is claiming that for them to be able to eliminate risk in sending or receiving tokens across blockchains, they will set alongside other blockchain as a service layer.

FIO Members

To date, the association includes 24 members including major crypto wallet and statistics resource, Swiss crypto exchange platform ShapeShift, Binance’s Trust Wallet, Atomic Wallet, Enjin Wallet and others.

This news comes in the middle of FIO address debut. Users of various major wallets can reserve FIO usernames, cross-chain and human readable identifiers. This will get rid of the need to see blockchain public addresses.

This pre-sale and the new funding round will give FIO Protocol developers to provide Mainnet launch in early 2020.