Interlay
Interlay is a London-based decentralized protocol that enables Bitcoin holders to access multi-chain DeFi by locking BTC with permissionless Vaults to mint iBTC, a 1:1 Bitcoin-pegged token used across 17 networks and 30+ integrated applications.
- Company typePrivate
- Founded2021
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Interlay does
Interlay is a decentralized protocol company building infrastructure to bring Bitcoin liquidity into the multi-chain DeFi ecosystem. Founded in London, United Kingdom (with the corporate entity referenced as Interlay Labs), the company developed iBTC (formerly interBTC), a 1:1 collateralized Bitcoin-pegged token. Users lock native BTC with a globally distributed network of permissionless Vault operators, who post collateral (USDT, DOT) to insure the bridge, and receive iBTC that can be deployed across 17 supported networks and 30+ integrated applications including DEXs, lending markets, wallets, and exchanges.
The technical architecture is built on Polkadot/Kusama using the Substrate framework, with a canary deployment called Kintsugi running on Kusama. The protocol is governed by the Interlay DAO via the INTR governance token, and its security model is grounded in peer-reviewed academic research and multiple audits by NCC Group, Informal Systems, Quark, and SRL. An interbtc TypeScript SDK enables third-party developer integration.
Interlay operates a product-led, community-driven go-to-market model with no traditional sales motion. Revenue (if any) accrues from transaction fees on DeFi activity routed through iBTC, and the company has raised approximately $9.54 million in disclosed funding from Web3 Foundation grants and rounds led by DFG and IOSG Ventures, with participation from Blockchain.com Ventures, CMS Holdings, Hypersphere, KR1, Nexo, and Signum Capital. The company has 1-10 reported employees and is led by co-founder and CEO Alexei Zamyatin and CTO Dominik Harz.
Interlay firmographics
Firmographics- Name
- Interlay
- Legal name
- Interlay Labs
- Website
- https://interlay.io
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Interlay is a London-based decentralized protocol that enables Bitcoin holders to access multi-chain DeFi by locking BTC with permissionless Vaults to mint iBTC, a 1:1 Bitcoin-pegged token used across 17 networks and 30+ integrated applications.
- Ownership category
- akta.pro rank
Interlay industry classification
Industry- Product category
- Decentralized Bitcoin Bridge / Bitcoin DeFi Protocol
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Miscellaneous Intermediation (52391)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Token Bridges & Asset Wrapping (lock/mint, burn/mint, canonical bridges) (FSAPAKAB)
- akta.pro secondary industries
- Cross-Chain Bridges & Interoperability Protocols (FSADAMAG), Cross-Chain Developer Tooling (messaging SDKs, relayers, interoperability APIs) (FSAPABAF), Cross-Chain DEXs & Bridge-Integrated Trading (FSADABAD)
Keywords
Where Interlay is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Markets served
Interlay business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- DeFi Transaction Fees: Fees generated from DeFi activities on the platform including swaps, lending, and borrowing. Users pay fees when using iBTC for various DeFi operations across the ecosystem.
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
Interlay product offering
Product offeringCore offering
Interlay operates a decentralized, open-source Bitcoin bridge protocol that lets users lock native BTC with collateralized Vault operators and mint iBTC (interBTC) at a 1:1 ratio. The minted iBTC can then be used across multi-chain DeFi applications for swapping, lending, borrowing, and creating leveraged positions, with users retaining custody of their private keys. The protocol is DAO-governed by INTR token holders and is supported by an interbtc SDK for developer integrations.
Product overview
Interlay is a modular Bitcoin DeFi platform providing a decentralized bridge between Bitcoin and multi-chain ecosystems. The core offering centers on iBTC (interBTC), a 1:1 collateralized Bitcoin-pegged token that enables BTC holders to access DeFi functionality. The platform is built around three main components: the Interlay DeFi Hub (the main application for swap, lend, borrow, and multiply operations), the Kintsugi canary network (testing environment on Kusama), and Vault operator infrastructure for securing the protocol. The interbtc SDK enables developer integration, while the INTR governance token provides community control over protocol decisions.
Differentiator
Problem solved
Functional benefit
Brands
- iBTC (interBTC): A Bitcoin-pegged token that is 1:1 backed by locked Bitcoin, allowing BTC holders to participate in DeFi on Polkadot and other chains.
Products and services
- iBTC (interBTC) A 1:1 Bitcoin-pegged token minted against locked BTC that enables Bitcoin holders to use their BTC across multi-chain DeFi applications for swapping, lending, borrowing, and creating leveraged positions while retaining custody.
- Interlay DeFi Hub A one-stop-shop application providing access to iBTC-powered Bitcoin finance, including swap, lend, borrow against BTC, and multiply BTC exposure through integrated DeFi services.
- Kintsugi Canary network for Interlay deployed on Kusama, providing a real-economy testing environment for Bitcoin DeFi functionality prior to release on the Polkadot parachain.
- Vault Operator Program Permissionless infrastructure program allowing operators to run Vault nodes that lock user BTC and provide collateral insurance (USDT, DOT, etc.) to guarantee the 1:1 backing of iBTC, earning fees on BTC volume secured.
- interbtc SDK Open-source TypeScript software development kit enabling developers to build applications that integrate with the Interlay protocol for Bitcoin bridging, iBTC minting, and DeFi functionality.
Quantifiable outcome
- $53M+ DeFi Volume processed
Companies that use Interlay
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles3 records
Interlay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature6 records
Interlay partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core.
- Parity TechnologiescorePart of the Substrate Builders Program milestone update January 2022. Parity supports Interlay's development as a Polkadot parachain project.
- MoonbeamcoreSmart contract platform for building cross-chain connected applications. Integrated ecosystem partner where iBTC can be used in Moonbeam-based DeFi applications.
- AstarcoreAppchain for building dApps with EVM and WASM smart contracts. Ecosystem partner supporting multi-chain BTC DeFi capabilities.
- HydraDXcoreNext-generation DEX with single-sided liquidity provisioning. Integrated ecosystem partner for trading iBTC and other assets.
- AcalacoreDecentralized finance network powering the aUSD ecosystem. Ecosystem partner providing DeFi infrastructure for the Polkadot ecosystem.
- Informal SystemscoreIndustry leader in blockchain security. Audited Interlay's protocol for security vulnerabilities and code quality.
- NCC GroupcoreGlobal expert in cyber security and risk management. Conducted security audits of Interlay protocol.
- QuarkcoreBlockchain security firm. Audited Interlay's smart contracts and protocol security.
- SRL (Security Research Lab)coreSecurity research laboratory. Conducted security audits of Interlay protocol components.
Scale indicators4 records
Recent moves5 records
Expansion highlights6 records
Interlay competitors and assessment
Company assessmentDirect peers
- Threshold Network (tBTC): Threshold operates tBTC, the most direct head-to-head competitor to iBTC. Both protocols lock BTC and mint a trust-minimized Bitcoin-pegged token for use in DeFi, targeting the same core problem of bringing BTC liquidity to decentralized finance.
- Ren Protocol: Ren Protocol enables cross-chain movement of BTC and other assets via wrapped representations (renBTC). It targets the same Bitcoin-to-DeFi bridging problem as Interlay, though Ren has faced operational headwinds since the Alameda collapse.
- Synapse Protocol: Synapse is a cross-chain bridge and liquidity network enabling asset transfers between EVM and non-EVM chains. It is comparable to Interlay as multi-chain bridge infrastructure serving DeFi users, including wrapped asset flows.
Broad incumbents
- BitGo (wBTC): BitGo is the custodian behind wBTC, the dominant wrapped Bitcoin product by TVL and DEX liquidity. While wBTC uses a centralized custodian model, it serves the same core use case as iBTC and represents the incumbent Interlay must displace.
- Wormhole: Wormhole is one of the largest cross-chain messaging and bridging protocols, enabling asset transfers including wrapped BTC across many chains. It competes with Interlay at the broader interoperability layer and shares the cross-chain bridge risk profile.
- Chainlink CCIP: Chainlink's Cross-Chain Interoperability Protocol (CCIP) is a general-purpose cross-chain messaging standard with institutional backing. It competes with Interlay's interoperability ambitions and represents the most institutionally credible cross-chain infrastructure competitor.
- Stargate Finance: Stargate is a leading cross-chain liquidity transport protocol built on LayerZero. It serves the same multi-chain DeFi bridging use case as Interlay's iBTC and competes for institutional and protocol-level integrations.
- Lido (for BTC via wrapped stBTC concepts): Lido is the dominant liquid staking protocol and is expanding into Bitcoin liquid staking through integrations. As Bitcoin yield-bearing wrapped products proliferate, Lido represents an adjacent competitor capturing similar BTC-holder demand for DeFi-native yield.
Emerging players
- LayerZero: LayerZero provides cross-chain messaging infrastructure that underpins many wrapped-asset and bridge applications. It is comparable to Interlay as cross-chain infrastructure serving multi-chain DeFi, though it operates at a messaging layer rather than as a direct BTC bridge.
- Axelar: Axelar is a cross-chain interoperability protocol offering secure messaging and asset transfer across chains. It targets a similar developer and ecosystem audience to Interlay's interbtc SDK and competes for multi-chain DeFi infrastructure mindshare.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Interlay social profiles
Digital presenceInterlay compliance and trust
Trust signalCompliance4 records
Interlay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Interlay leadership team
Management profileNumber of profiles
Profiles2 records
Interlay funding detail
Funding detailFunding overview
Funding rounds4 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Interlay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Interlay
What does Interlay do?
Interlay operates a decentralized, open-source Bitcoin bridge protocol that lets users lock native BTC with collateralized Vault operators and mint iBTC (interBTC) at a 1:1 ratio. The minted iBTC can then be used across multi-chain DeFi applications for swapping, lending, borrowing, and creating leveraged positions, with users retaining custody of their private keys. The protocol is DAO-governed by INTR token holders and is supported by an interbtc SDK for developer integrations.
Is Interlay a public or private company?
Interlay is a private company. It is classified as venture growth investor backed and is currently operating.
When was Interlay founded?
Interlay was founded in 2021. It employs 1 to 10 people.
Where is Interlay based?
Interlay is headquartered in London, United Kingdom, in the Europe region.
How does Interlay make money?
One revenue line is on record: deFi Transaction Fees.
Who are Interlay's main competitors?
Direct peers on record are Threshold Network (tBTC), Ren Protocol and Synapse Protocol. Broad incumbents are BitGo (wBTC), Wormhole, Chainlink CCIP, Stargate Finance and Lido (for BTC via wrapped stBTC concepts). Emerging players are LayerZero and Axelar.
Does Interlay have an API?
Yes. Interlay provides an interbtc SDK for developers to build applications on top of the Interlay platform. The SDK enables integration with the decentralized Bitcoin bridge protocol for locking BTC, minting iBTC, and accessing DeFi functionality. Developer documentation is at docs.interlay.io.
What industry is Interlay in?
Interlay's product category is Decentralized Bitcoin Bridge / Bitcoin DeFi Protocol. Its primary akta.pro industry code is FSAPAKAB, Token Bridges & Asset Wrapping (lock/mint, burn/mint, canonical bridges), with a secondary code of FSADAMAG, Cross-Chain Bridges & Interoperability Protocols. Its NAICS code is 5231 and its SIC code is 6200.