PiLab Technology, a leading South Korean startup specializing in blockchain services, has been listed as a Sample Vendor in the Gartner® “Hype Cycle™ for Emerging Technologies in Banking, 2023” report in the Decentralized Finance (DeFi) category. We believe PiLab is recognized for improving interoperability in the DeFi ecosystem notably by running its cross-chain lending protocol BiFi, backed by its very own mainnet, the Bifrost Network, an EVM-compatible Layer 1 blockchain.
“We are thrilled to have been included in the report as we believe it demonstrates our contribution to the DeFi ecosystem, which has much potential as banking inevitably touches upon everyone’s lives. With blockchain usage still in its early stages and its benefits restricted to a niche group, our goal is to render blockchain technology more useful and beneficial to wider audiences by continuing to focus on enhancing interoperability and usability,” says Dohyun Pak, the founder of PiLab.
About PiLab Technology
PiLab Technology is a blockchain-based technology company currently expanding its multichain ecosystem powered by the Bifrost Network. While providing the optimum environment for decentralized applications (DApps) to operate on top of multiple protocols, the company is also actively supporting the adoption of Web3 by traditional companies and institutions. Dohyun Pak founded the company with Jonghyup Lee, CTO, and Changhyun Yoo, COO, in 2017.
Recognized for its innovative technology and proving the scalability of its products, PiLab has raised $8.4 million in Series A led by Korea Investment Partners, STIC Ventures, and Yuanta Investment.